Asia’s economy rebounds strongly

Rob VosAsian economies are leading the recovery from the global economic slowdown but weaker global growth is still expected over the next couple of years.

According to the “World Economic Situation and Prospects” report by the United Nations Department of Economic and Social Affairs or UN DESA, Asia will grow by up to 6 per cent up to the end of 2012, while developed world economies will expand by just 2 per cent.

Rob Vos is one of the authors of the report.

Daniel Dickinson asked him what was driving Asia’s economic recovery.

Rob Vos: Well Asia has a very strong rebound, particularly in China, and when China does well, it pulls up other economies. Also India has picked up again although India was much less affected by the crisis, than other parts of the region partly because India is much less dependent on external trade or exposed to international finance. But it has picked up quite broadly and also countries that were heavily affected by the collapse of trade at the end of 2008 and early 2009 like Thailand and Singapore and Hong Kong. They have all picked up quite strongly. And in fact you can say is that that part of the region is leading the recovery of the global economy and because they are tied in with global value change in terms of demanding for their industrial production primary commodities from Africa and Latin America so they also helping those regions to rebound from this global recession.

Daniel Dickinson: When that growth happens, what actually happens on the ground? Are job created? Are people wealthier? How does it affect normal people?

Rob Vos: Of course it varies, but we see in Asia that the drop in employment has been pretty much made up, and so the loss has been made up from the years of the crisis. So a lot of industrial jobs had been regained. Also in China we see increases in wages that have improved. Not on the whole it’s better, it’s also what has happened in Asia that some people had lost their jobs in what we call formal sectors, they moved into more vulnerable employment in informal sectors and a lot of them have stayed there so part of the employment recovery is also the informal sectors with typically lesser income, so some had been truly affected by this crisis and continued to be affected even though they have regained their jobs. The danger we see is that even with this recovery that a lot of the imbalances that led to this crisis are resurging, we see that in the form of a greater exchange rate instability and that may be a danger for- even if the recovery is not so bad as we see it in front of us, it may have still be turned for the worse if the problems with the Euro, but also the downward pressure on the Dollar and continue as we are, and particularly in an unstable fashion that may affect financial market and will that be damaging to the global growth.

PRESENTER: Rob Vos of UN DESA speaking to UN Radio’s Daniel Dickinson.

Duration: 2’17″

Filed under Today's Features.

Asia's economy has a very strong rebound

UN Calling Asia - a weekly magazine programme, in English, that keeps you in touch with UN developments covering Asia and the Pacific.

Rob Vos

Rob Vos

Asian economies are leading the recovery from the global economic slowdown but weaker global growth is still expected over the next couple of years. According to the “World Economic Situation and Prospects” report by the United Nations Department of Economic and Social Affairs or UN DESA, Asia will grow by up to 6 per cent up to the end of 2012, while developed world economies will expand by just 2 per cent. Rob Vos is one of the authors of the report.

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The reports can be individually downloaded from the features section.

Filed under UN Calling Asia.
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