Asian Economies Are Likely to Be First to Recover
South Korea’s exports rose by a seasonally adjusted annualised rate of 53% in the three months to April compared with the previous three months, Goldman Sachs estimates; Taiwan’s grew by an annualised 29% over the same period. China’s exports over the last few months have only managed to stabilise, but its industrial production jumped by an annualised 25% in the past three months.
Economists are revising up their forecasts for China’s GDP growth this year: 8% may now be possible even if American consumers continue to be frugal. There is a widely pedalled myth that China’s growth depends on American consumers. In fact, if measured on a value-added basis (to exclude the cost of imported components), China’s exports to America account for less than 5% of its GDP.
~The Economist article "Crouching Tigers: Asian Economies Are Likely To Be The First To Pull Out of the Global Recession"