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Asia outlook still positive despite weak data: DBS CEO

The Singapore economy may be going through a soft patch, amid a slowdown in China, but DBS CEO Piyush Gupta said he remains positive on the outlook for Asia.

SINGAPORE: The Singapore economy may be going through a soft patch and recent data for industrial production and exports have been weak. This comes against the backdrop of a subdued recovery in the west, and a slowdown in China.

However, DBS CEO Piyush Gupta said he remains positive on the outlook for Asia. "Singapore is seeing some degree of consolidation which you might see, over the next quarter or two,” he said.

“But that notwithstanding, and if you look at it on balance, I do think that Asia's prospects - anchored off what I think is a more stable China than most people give credit for, and a resurgent India in the medium-term - are likely to be somewhat better than people think."

Mr Gupta was speaking at an event for DBS private bank clients on Monday (June 30). He also said that the outlook for the US remains uncertain, with recent data not providing strong evidence of a sustained recovery.

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