We saw this coming. Some Korean media outlets have been reporting recently about the rise in the consumer price index, the increased delinquency rate and deteriorating trade balance.
As Asian mercantilist countries’ exports dwindle, the property bubble would pop sooner or later. We also know that demands in both the U.S. and Europe is shrinking, so Asia’s exports won’t be recovering anytime soon.
From Reuters:
Factory activity worldwide stalled last month as new orders tumbled, heightening fears that the global economy may be heading for another recession and driving stock markets lower.
Surveys of company purchasing managers showed manufacturing contracted in the euro zone for the first time in almost two years in August, echoing earlier data from South Korea and Taiwan where new export orders fell sharply.
China's new export orders index dropped to 48.3 from July's 50.4 and Beijing pinned the blame at least partly on the debt crises in advanced economies. The National Bureau of Statistics said the export sector was "facing challenges."
Taiwan saw a sharp decrease in new export orders, particularly from Europe, while in South Korea the sub-index fell to a seasonally adjusted 48.86 from 52.13 , coming below the neutral point for the first time since October last year.
http://www.reuters.com/article/2011/09/01/us-global-economy-idUSTRE77Q1XT20110901
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment