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Asia hit by West's financial problems
Source: Agencies |
November 22, 2011, Tuesday
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Print Edition
Print Edition
THE effects of the European debt crisis and sluggish US growth are radiating into Asia's export-driven economies, putting brakes on the rebound from the 2009 global recession.
Singapore, seen as a bellwether of Western demand because of its high reliance on trade, yesterday said its economy is likely to slow sharply next year as export orders from developed countries wane.
Adding to the pessimism, Japan suffered its first drop in exports in three months and a top Chinese official predicted the current malaise in the world economy would be long-lasting. The dour news helped to send Asian stock markets lower.
Singapore's Trade and Industry Ministry said: "Although resilient domestic demand in emerging Asia will provide some support to global demand, it will not fully mitigate the effects of an economic slowdown in the advanced economies."
Europe's economy is barely growing and its widening debt crisis and sharp government spending cuts threatens to tip the region back into recession.
At the same time, the US is dogged by high unemployment, making it difficult for the world's largest economy to stage a comeback from the recession sparked by the 2008 financial crisis.
Asia, led by China's enormous stimulus spending, bounced back quickly from the last global downturn, but the region remains reliant on Western demand for cars, electronics, clothing and other goods.
The Asian Development Bank estimated that the 2008 financial crisis added 60 million people in developing Asia to the ranks of those already in extreme poverty.
Chinese Vice Premier Wang Qishan, who oversees trade and finance, described the global economic situation as "extremely serious."
Ahead of annual talks between the US and China, he said: "The only thing we can be certain of is that the world economic recession caused by the international crisis will last a long time."
In Japan, exports fell for the first time in three months in October, eroded partly by a strong yen. Exports declined 3.7 percent from a year earlier to 5.51 trillion yen (US$71.7 billion), the finance ministry said.
Singapore, seen as a bellwether of Western demand because of its high reliance on trade, yesterday said its economy is likely to slow sharply next year as export orders from developed countries wane.
Adding to the pessimism, Japan suffered its first drop in exports in three months and a top Chinese official predicted the current malaise in the world economy would be long-lasting. The dour news helped to send Asian stock markets lower.
Singapore's Trade and Industry Ministry said: "Although resilient domestic demand in emerging Asia will provide some support to global demand, it will not fully mitigate the effects of an economic slowdown in the advanced economies."
Europe's economy is barely growing and its widening debt crisis and sharp government spending cuts threatens to tip the region back into recession.
At the same time, the US is dogged by high unemployment, making it difficult for the world's largest economy to stage a comeback from the recession sparked by the 2008 financial crisis.
Asia, led by China's enormous stimulus spending, bounced back quickly from the last global downturn, but the region remains reliant on Western demand for cars, electronics, clothing and other goods.
The Asian Development Bank estimated that the 2008 financial crisis added 60 million people in developing Asia to the ranks of those already in extreme poverty.
Chinese Vice Premier Wang Qishan, who oversees trade and finance, described the global economic situation as "extremely serious."
Ahead of annual talks between the US and China, he said: "The only thing we can be certain of is that the world economic recession caused by the international crisis will last a long time."
In Japan, exports fell for the first time in three months in October, eroded partly by a strong yen. Exports declined 3.7 percent from a year earlier to 5.51 trillion yen (US$71.7 billion), the finance ministry said.
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