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| Asian economies outpace US and Europe on growth track |
| AFP/PTI / Singapore Aug 19, 2009, 13:51 IST |
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Asia is outpacing the United States and Europe in the rebound from the global economic slump, thanks to multi-billion dollar stimulus packages and robust demand from China, analysts said.
Second-quarter indicators showed the region's recession-hit economies such as Singapore and Hong Kong have returned to the growth path despite sluggish demand from the US and European markets, their main export destinations.
Countries with bigger domestic populations, including China, India, Indonesia, South Korea, the Philippines and Vietnam, have been growing during the global downturn although the pace has slowed.
Japan, the world's second largest economy, lumbered out of recession in the second quarter and Prime Minister Taro Aso credited the government's stimulus package for the achievement.
In contrast, US gross domestic product was estimated to have shrunk 1.0 per cent in the second quarter, and the eurozone economy dipped a milder than expected 0.1 per cent after Germany and France emerged from recession.
US-based credit ratings firm Standard and Poor's said that five of the 14 Asia-Pacific economies it covers will post positive growth this year, with nine expected to report contractions.
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