GIC expects slow growth in West for next 10 years

SINGAPORE: The Government of Singapore Investment Corp (GIC) expects economic growth in developed countries to be slow over the next decade which is why it plans to invest more in the developing world, a senior official said yesterday.

Group chief investment officer Ng Kok Song told a conference in Singapore that GIC’s in-house economists expected the developed world to grow by 2.4% this year compared with 8% for emerging Asia.

Asian economies could offset weakening exports by boosting domestic consumption but policymakers in the West were constrained by what they could do because of the accumulation of debt in previous years, he said.

GIC, which manages over US$200bil, said on Monday it would put a larger portion of its funds in emerging markets. — Reuters

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