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Tuesday, September 22, 2009

Bank Report: Asia Rebounding

by Calculated Risk on 9/22/2009 08:57:00 AM

From the NY Times: Asia Rebounding Rapidly, Bank Reports

The [Asian Development Bank] declared that economic growth in China would be 8.2 percent this year, 1.2 percentage points higher than the bank’s forecast in March, and 8.9 percent next year.

The bank raised its 2009 growth forecast for India to 6 percent, from 5 percent predicted in March, and for developing Asian countries as a group to 3.9 percent, from 3.4 percent.

“Developing Asia is proving to be more resilient to the global downturn than was initially thought,” the bank said in a statement accompanying its semiyearly assessment.

A common factor among countries doing better than expected is that they have been able to offset weak exports by stimulating domestic demand more than anyone expected. ...
This should help U.S. exporters.

Note: The August west coast port traffic shows a clear pickup in exports.