Major slump due soon, hang on to cash, investors warned
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A FORMER FINANCE minister and a leading investment banker yesterday warned there was a high chance of a major economic recession, advising investors to hold on to their cash.
Thanong Bidaya, who was finance minister for several months in 1997, told a seminar held by Talis Asset Management that the global economy was entering a crossroads and that a “cycle of economic recession” could return.
“I still believe it won’t yet happen next year but [the economy] will slow down. But how much it will slow and what will happen after that …” he said.
“What could pull things down further is the violence in the Middle East, which is very scary and has already spread all over the world.”
