News: ‘Recovery will continue’
8 Jul 2010 | The Straits Times
THE global economic recovery will continue but at a slower rate than in the past two quarters and should avoid sliding back into recession, according to Credit Suisse analysts on Wednesday.
The Swiss bank’s head of Asia Pacific research, Ms Fan Cheuk Wan, said that while some economists fear another slump this year following job losses and a decline in world manufacturing, she believes such views are ‘overly pessimistic’.
Many economies hit a speed bump in the first half due to the problems coming out of Europe, said Ms Fan.
But according to the bank’s chief economist for Asia, Mr Joseph Tan, the effect on Asia is ‘next to zero’ because the nations most affected by the crisis – Spain, Portugal and Greece – account for only four per cent of Asian exports to Europe.
