Sittin' On The Dock Of A Bay

摘要

Earlier this year most businessmen and investors hoped that Asia's emerging economies could withstand the economic and financial turmoil in the developed world. Now, however, stockmarkets seem to be betting on a rerun of Asia's deep recession after its own crisis in 1997-98. Share prices in the region have plunged by an average of two-thirds (in dollar terms) from their peak in 2007-almost as much as they fell during the Asian financial crisis. Is Asia really heading for such a painful economic slump?rnThe latest figures are certainly worrying. Japan is now in recession. China's economy is slowing much more sharply than expected, with the 12-month growth in its industrial production falling fromi8% to 8% over the past year. Indian spending is being squeezed by the credit crunch: commercial-vehicle sales fell by 36% in the year to October. Hong Kong and Singapore are already in recession, with gdp having fallen for two consecutive quarters.