Weak global economy leads to ASEAN slowdown
Updated
Singapore's trade minister says members of ASEAN face an economic slowdown this year due to a weakening global economy.
Trade Minister Lim Hng Kiang, who chaired a meeting of Association of Southeast Asian Nations economic ministers, says many ASEAN states are likely to post economic growth of five to six per cent despite rising inflation.
He says growth is positive each country. Indonesia is doing more than six per cent and many of the other ASEAN countries are doing around five to six per cent.
There are concerns that with soaring global oil prices and a US economic slowdown spreading to Japan and Europe, ASEAN faces a perion of inflation and rising unemployment.
Mr Lim says his fellow ministers recognise the problems, but growth is still fairly robust in the region and still generating jobs.
