By John Burton in Singapore Monday Apr 21 2008 15:05 The world is teetering on the edge of the worst recession for a generation, according to the Government of Singapore Investment Corporation, the world's third-largest sovereign wealth fund.
Tony Tan, executive director of GIC, which has estimated assets of more than $300bn, told a global staff conference: "We could be facing a recession which is longer, deeper and wider than any recession that we have encountered in the last 30 years."
He added: "The financial and investment markets will be extremely nervous and volatile over the next one to two years.
I wouldn't be surprised this kind of news will rally the market! I truly believe the US govt, in cooperation with other govts, is manipulating the market... just like what they are doing in preparation for the coming 2012 event.