It is clear from figures released for Q3 2009 that the Asian economies are leading the global economic recovery.
Asian economies lead economic recovery
It is clear from figures released for Q3 2009 that the Asian economies are leading the global economic recovery. This is despite the fact that last week, the US released data which showed that the economy expanded by an annualised 3.5% in Q3, ending the longest period of recession since the 1930s. Forecasts for 2010 (IMF data in table 1) show that the Asian economies will expand by 5.8% after a rise of 2.8% this year. In the context of the worst global downturn since the 1930s depression, this has to be seen as a very impressive performance. Contrast this with the contraction of 3.4% in the advanced economies this year and an expected rise of just 1.3% in 2010. Growth in the world economy as a whole is also expected to outperform that of the advanced economies, rising by 3.1% in 2010 after falling by 1.1% this year. We look at some of the factors behind these trends in this Weekly.