Saturday, October 2, 2010

Living Standards Rapidly Improving in Asia

If one looks at the overall trends; even the Asian Financial Crisis is a blip on the radar at this point. And along with those rising standards are rising expectations within the working classes for better opportunity and better treatment.

The Asian Development Bank raised its forecast for the region's economic growth this year, crediting a rapid recovery in exports even as it warned the risk of another recession in advanced countries has not completely receded.

The Manila-based development bank said it now expects developing Asia to grow 8.2 per cent this year compared with a projection of 7.5 per cent growth issued in April.

The forecast, which doesn't include Japan, covers 44 developing and newly industrialized nations in Asia.

This doesn't feel like a bubble, what this feels like is a power shift, or the center of weight moving from the Atlantic to the Pacific and Indian Ocean regions. Where most of the world's population lives by far. Yet the Achilles Heel might be that "rapid recovery in exports", since the countries being exported to have high unemployment and increasing internal political pressure to shut out competition.

1'Asia expected to grow 8.2 per cent this year- AP

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