Business Daily from THE HINDU group of publications
Tuesday, May 13, 2008 ePaper | Mobile/PDA Version
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Business Daily from THE HINDU group of publications Tuesday, May 13, 2008 ePaper | Mobile/PDA Version |
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Update at 1745 hrs (IST)
Industry Asia to feel the US slowdown in mid-2008: Moody's NEW DELHI: Asia is expected to feel the heat of the credit crunch in the US economy in the second or third quarter of this year, global credit rating agency Moody's has said. "With the US recording two successive quarters of weak growth, we anticipate Asia will soon begin to feel the pinch of slower demand across the Pacific,'' said Daniel Melser, Senior Economist in Moody's Economy.com, a unit of Moody's Corporation. Historically, Asian exports fell about six months after US growth slackened. ''...we expect Asia to begin feeling the US slowdown in mid-2008,'' it said. However, believers in the decoupling theory argue that the Asia Pacific region is well poised to handle the US credit crunch. The Asia Pacific region is less dependent on US-bound exports. Besides, domestic economies of most Asian countries are now strong enough to keep the US recession from hitting Asian shores. The gross domestic product of the US grew at a limp 0.6 per cent annual rate in the first three months of this year but there are no signs yet that Asian exports have slowed, Moody's Economy.com said, but questioned as to whether it will last? - PTI
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