Sunday 23 December 2012

OPTIMISM FOR ASIA’S GROWTH IN 2013

China org cn

ASIA ECONOMIES SURGE AHEAD DESPITE GLOBAL SLOWDOWN

China.org.cn, December 23, 2012

Emerging economies in Asia have surged ahead despite the impact of debt crisis in Europe, the slow world economic recovery, and the feared U.S. "fiscal cliff".

These economies performed well in 2012 although their growths were slower than expected. A United Nations report released recently says that economic growth of Asia and the Pacific in 2012 is forecast to be 5.6 percent, down from an earlier forecast of 6. 5 percent.

For the upcoming 2013, economists are generally optimistic on the continued growth in the Asia Pacific with strong domestic demand expected to offset weak export growth.

Goldman Sachs recently released 2013 Asian Economic Outlook report, expressing optimism about the economic outlook for next year in the region excluding Japan.

It predicted that economic growth in Asia would average 6.9 percent in 2013 and to further expand to 7.3 percent from 2014 to 2016.

EMERGING TREND FOR ASIAN ECONOMIES

Singapore, for its part, which is more open to the outside world, was obviously the most affected by the weak global economy. The European Union (EU) is Singapore's second largest trading partner, second only to its neighboring Malaysia.

According to official data, the bilateral trade between Singapore and the European Union reached 106 billion Singapore dollars (about 86.9 billion U.S. dollars) in 2011, an increase of 7 percent. This year, Singapore's non-oil exports to the EU fell by 16.5 percent in the third quarter of this year.

(...) [article here]

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