The year 2010 will be the landmark year for Asian economic growth, marking a change in the global economic structure, said Dave Carbon, managing director for economic and currency research at DBS, Singapore’s top bank.
For the first time, Asia will generate more new demand than the US this year, DBS economist Dave Carbon was cited by Finance Asia in Hong Kong as saying.
Demand soared over the past 20 years in Asia, except Japan. Ten regional leading economies, including China, Hong Kong, India, the Republic 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 in Asia, China has surpassed the US to become the most important market in the region.
However, he predicted that economic growth in Asia will be slow as demand will be standstill and central banks in the region are likely to tighten their monetary policies against inflation./.
For the first time, Asia will generate more new demand than the US this year, DBS economist Dave Carbon was cited by Finance Asia in Hong Kong as saying.
Demand soared over the past 20 years in Asia, except Japan. Ten regional leading economies, including China, Hong Kong, India, the Republic 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 in Asia, China has surpassed the US to become the most important market in the region.
However, he predicted that economic growth in Asia will be slow as demand will be standstill and central banks in the region are likely to tighten their monetary policies against inflation./.
