The “Made in China” tag is no longer only about inexpensive and inferior-quality toys, shoes, and apparels. Slowly but surely, China has been increasing its export of higher-end goods.
Monthly Economic Reviews:
While most developed Asia Pacific economies saw downside risk to GDP growth declining substantially in the first quarter, challenges to growth arose from a recessionary scenario in key developed economies, especially from the European Union.
Major emerging Asia Pacific economies, which picked up growth momentum during the latter half of 2012, struggled to carry forward the economic pace during the initial months of 2013.
After battling a severe recession, Singapore is now one of the world’s fastest growing economies.
For the first quarter of 2010, the Japanese economy grew 5% year-on-year. But the second quarter was to be disappointing, with economic growth registering just 0.4% over a year earlier.
The global economic recession that began in 2007 with the collapse of Lehmann Brothers struck down South Korea’s burgeoning economy. Its key automotive industry suffered as customers in the U.S. and Europe cut back on buying and spending.
Economic upheaval: During the recent global recession, the Philippines found that its export industry was hard hit, and remittances also fell, as overseas Filipinos felt the pinch of the economic downturn. Faced with the challenges of declining external demand, the economy of the Philippines grew just 0.9% in 2009.