Euro Crisis: Crisis hits Asia

Europe’s on-going financial crisis has impacted Asia’s 2012 economic performance, with China’s GDP growth rate falling to 7.6 per cent and Singapore’s economy contracting by 1.1 per cent in Q2.

China’s slowdown, the country’s worst results in three years, has impacted the Australian economy. Making up over 25 per cent of their export market, China’s slowdown has caused Australia’s output growth to fall to 2.2 per cent instead of the 3.1 per cent predicated by the Organisation for Economic Cooperation and Development.

Whilst the region’s economy appears to be slowing down Juzhong Zhuang, deputy chief economist of the Manila-based Asian Development Bank, argues that “more than half of the global GDP will still come from Asia” and that the region does “not see a recession but there are risks”.

The economic slowdown is seen as a test of the strength of the Chinese economy and its continued growth, with Liu Yuanchun, a professor at the Renmin University, stating that the new economic figures show “fundamental changes in China’s structural problems”.

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Comments

1. Winnie the Merde says:

   July 16, 2012 at 1:52 pm

   China’s GDP falling to 7.6 per cent

   missing word: GROWTH

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