Temasek says global economic outlook remains volatile

Singapore state investor Temasek Holdings said on Tuesday that the global economic outlook remained volatile, with the coronavirus crisis and geopolitical tensions creating significant uncertainties in the near term.

At a virtual news conference, senior executives from Temasek said the coronavirus pandemic had not significantly altered the firm's investment strategy in the long term.

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"The outlook for economic recovery remains clouded, despite significant fiscal and monetary policy support," said Png Chin Yee, head of financial services. "The unpredictable paths of Covid-19 and geopolitical issues pose significant uncertainties in the near term."

Ranked among the world's biggest investors, Temasek's net portfolio value fell 2.2% to S$306 billion ($224 billion) in the year to March 2020, the first drop in four years.

($1 = 1.3678 Singapore dollars)