GIC's Tony Tan warns of recession relapse

The greatest risk to the outlook for Asia is a global economic and financial environment that does not stabilise and recover by 2010, according to Tony Tan, deputy chairman and executive director of the Government of Singapore Investment Corporation (GIC). "Downside risks remain high, despite signs of stabilisation," Tan says. "If the US economy turns out to be worse than expected, requirements for banks' capital will be higher and the US administration might need to go back to Congr…