Singapore (PTI): Warning of a tough ride for Asia, Singapore Prime Minister Lee Hsien Loong said on Friday, the Asian countries cannot avoid the impact of weakening US, European and Japanese economies.

"We must prepare for a tough ride at least over the next year, and quite possibly longer," he said, addressing a gathering of non-resident Indians from across the world here.

Lee said it would take time before the trust in the banking sector is restored. In a way, Asian banks had been lucky to have avoided the problems afflicting the US and European banks.

However, the equity markets in Asia have been hit by the events in Wall Street, Lee said addressing the Pravasi Bharatiya Divas jointly organised by CII and Ministry of Overseas Indian Affairs.

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