Monday January 14, 1:52 PM
Asia economies set for recovery, fallout from Japan limited: expert
sg.biz.yahoo.com
Asian countries outside of Japan could see a revival in their flagging economies this year, sparked largely by a recovery in the United States, an American Express Bank expert said.
Japan's slide into a recession for the third time in a decade is expected to have a limited impact on the region's recovery, the bank's London-based chief economist John Calverley said.
But a pick-up in the world's second biggest economy is always a bonus for Asia though, he said.
"It's only a limited drag I think. If Japan were to pick up, that would be a big plus," said Calverley, who was speaking at an event organised by the American Chamber of Commerce here.
"Unfortunately I don't see that happening. Not until the end of 2002 (at) the earliest," he said.
Calverley said the region will likely see average growth rates of between 2.0 percent and 3.0 percent this year.
Apart from getting a boost in the US recovery, a pick-up in demand in the technology sector will also lift the region whose economies depend heavily on technology-related exports, said Calverley.
"I think Asia ex Japan is going to do much better this year and part of that is to do with technology," he said. |
