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2010 – a milestone for Asian economic growth

The year 2010 will be the landmark year for Asian economic growth, marking a change in the global economic structure, said Dave Carbon, DBS economist.
The year 2010 will be the landmark yearfor Asian economic growth, marking a change in the global economicstructure, said Dave Carbon, managing director for economic andcurrency research at DBS, Singapore’s top bank.

For the first time, Asia will generate more new demand than the US thisyear, DBS economist Dave Carbon was cited by Finance Asia in Hong Kongas saying.

Demand soared over the past 20 years in Asia, except Japan. Tenregional leading economies, including China, Hong Kong, India, theRepublic of Korea, Taiwan, Indonesia, Malaysia, the Philippines,Singapore and Thailand, saw average increase of 7 percent.

According to the DBS economist, in addition to increase in demand inAsia, China has surpassed the US to become the most important market inthe region.

However, he predicted that economic growth in Asia will be slow asdemand will be standstill and central banks in the region are likely totighten their monetary policies against inflation./.
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