Here's a thread for East Asian economics. Things are slowing down as we know in the nations: Japan, South Korea, China, Taiwan, Vietnam, Thailand, Singapore.
Quote:
Asian financial crisis deepens
By Geoff Dyer in Beijing and Michiyo Nakamoto in Tokyo
January 22, 2009
Asia’s largest economies showed stark new evidence on Thursday of contagion from the global financial crisis as China reported its slowest growth in seven years and Japan’s central bank admitted it faces two years of contraction and deflation.
The Bank of Japan sharply reduced its forecasts for the economy for this fiscal year and next, while government figures showed that Japanese exports plunged a record 35 per cent in December.
Adding to the gloom in the region, South Korea unveiled its first year-on-year decline in quarterly economic growth since the Asian financial crisis more than a decade ago, while unemployment in Taiwan rose to a five-year high.
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Link:
FT.com / Asia-Pacific - Asian financial crisis deepens