Asia will help cushion global economy from US slowdown

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2006-09-11 13:24

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Hong Kong--(뉴스와이어)--Asia’s economies will grow robustly in the next few years and help compensate for the slowdown anticipated in the US and other major economies. That is the key message from the Economist Intelligence Unit's Corporate Network Regional Strategic Forecast events, which are being held in Hong Kong and Singapore this week. “The chances of a US recession are growing” says Graeme Maxton, Director, Corporate Network, Hong Kong, Economist Intelligence Unit . “But, Asia’s economies should provide the cushion needed for the global economy”.

Key points

Although economic growth in Asia will slow next year, the region will remain the most dynamic in the world, and consequently one its most exciting investment destinations.

The Economist Intelligence Unit expects the US to experience a sharp slowdown in 2007. A slowing housing market, higher interest rates and high oil prices mean that the US economy will only grow by 2.2% in 2007 compared to 3.3% in 2006.

The US slowdown will affect Asia, slowing the rate of export growth. But the damage will not be too serious. In China, where the government is already trying to manage the pace of expansion, the rate of growth is expected to fall from 10.7% in 2006 to 9.8% in 2007 and 9.3% in 2008. This still compares very favourably with other major economies.

Only if there is a recession in the US or a dramatic drop in the value of the US dollar would Asian economies need to worry.

The Economist Intelligence Unit will present its findings at two Regional Strategic Forecast events for the Corporate Network. The Hong Kong event is on September 13th and the Singapore event is on September 15th.

Regional Strategic Forecast is the Corporate Network’s annual flagship event and draws together experts from Beijing, Hong Kong, London, Shanghai and Singapore to present key insights into Asia’s current and future economic and business climate.

Regional Strategic Forecast Hong Kong event is sponsored by American Express Global Corporate Services.

Regional Strategic Forecast Hong Kong and Singapore events are organised by the Corporate Network, the Economist Intelligence Unit’s exclusive, executive briefing and networking service which consists of some 560 international companies involving around 2,400 executives operating in Asia-Pacific. An annual subscription service, it provides senior executives with face-to-face consultations through in-house board level briefings, private meetings, briefing papers, statistics and papers on key business issues.

Regional Strategic Forecast

Hong Kong - September 13th 2006

Singapore - September 15th 2006

Notes to Editors

About Corporate Network

Corporate Network is The Economist Intelligence Unit’s exclusive, membership-based senior executive briefing and networking service. Independent, thought provoking, and opinion-leading, Corporate Network is led by experts who share a profound knowledge and understanding of business issues. It has regional business groups in Central and Eastern Europe, Middle East & Africa, and Asia Pacific.

Through its tailored blend of interactive meetings and high-calibre research, Corporate Network delivers country-by-country, regional, and global analysis on both current and forecast conditions.

About the Economist Intelligence Unit

The Economist Intelligence Unit is the world leader in global business intelligence. It is the business-to-business arm of The Economist Group, which publishes The Economist newspaper.

The Economist Intelligence Unit provides geopolitical, economic and business analysis on more than 200 countries, as well as strategic intelligence on key industries and management practices. With over 300 full-time professionals in 40 offices around the world, supported by a global network of more than 650 expert contributors, the Economist Intelligence Unit is widely known for its unparalleled coverage of major and emerging markets.

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