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 percent in the second quarter, and the eurozone economy dipped a milder than expected 0.1 percent 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.
But by next year, all 14 should post year-on-year growth, led by China's projected expansion of 8.0-8.5 percent.
The US economy is forecast to contract by 2.9 percent this year and grow 1.5 percent in 2010, it added.
Asian economies were hammered after a crisis in the US housing market sparked global financial and economic turmoil late last year.Some analysts said the impact on Asia showed that the region's fortunes remain largely linked to the West and that there would be no recovery until after the industrialised economies had rebounded.But the speed and strength of the region's recovery showed it is not entirely dependent on the US economy.
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