Asia 2010 growth forecast upgraded – - region will be responsible for 60% of global growth of 4.4%; World’s Emerging Markets will account for 75% of growth

by vikas on February 8, 2010

Asia was the first region to emerge from the Great Recession last year. It is also the first region where the incoming data justify a forecast upgrade this year according to US investment bank Morgan Stanley, which has  boosted its 2010 GDP growth forecasts for Japan (by 1.4%), China (1%), India (0.5%), Malaysia (0.5%) and Thailand (0.3%). The bank now see Pan-Asia motoring along at a 7.4% pace (from 6.6% previously) and Asia excluding Japan (AxJ) at 8.8% (previously 8.2%). The main trigger for this upward revision was a stronger-than-expected surge in external trade around the turn of this year, which should also lead to stronger capex (capital expenditure) and, especially in India, a better outlook for domestic demand. The region will be responsible for 60% of  global growth of 4.4% in 2010 and the world’s Emerging Markets will be responsible for 75% of growth.

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