GIC Says Global Recession May Be Worst in 30
Years (Update3)
By Yoolim Lee and Liza Lin
April 21 (Bloomberg) -- Government of
Singapore Investment Corp., the sovereign fund that has
invested about $18 billion in UBS AG and Citigroup Inc. since
December, said the world economy may be headed for its worst
recession in three decades.
``We could be facing a recession which is longer, deeper and
wider than any recession that we have encountered in the last 30
years,''
Tony Tan, deputy chairman of GIC, as the company is known, said
in a speech to more than 500 employees in Singapore today.
Tan said GIC, which oversees more than $100 billion, faces its
``most challenging years'' since being founded 27 years ago, as the
global supply of credit contracts. His remarks come as the fund
considers investing more in UBS, which is reeling from $38 billion
of writedowns.
