Thursday, 22 October 2009

US, Japan show signs of recovery, China's growth accelerates

The US economy remains on a gradual path to recovery. Reuters reports the latest findings in the Fed's beige book published on Wednesday.

U.S. economic conditions stabilized or improved modestly in most parts of the country, according to a Federal Reserve report on Wednesday that suggested the economy was slowly clawing out of a recession.

In its "Beige Book" of anecdotal reports on the economy, the Fed noted improvement in two of the hardest hit areas -- residential real estate and manufacturing...

The central bank gave a grim assessment of commercial real estate, which is widely seen as one of the big remaining trouble spots for the still-struggling financial sector.

The economic recovery is not looking strong, at least in the US, but it is clearly global. AFP/CNA reports today that Japan's trade surplus hit an 18-month high in September.

Japan's trade surplus soared almost six-fold last month from a year earlier, hitting an 18-month high on the back of recovering demand in China and other Asian countries, official figures show.

Exports exceeded imports for an eighth straight month, although they remain sharply lower than before the current global economic slump began.

Asia's biggest economy posted a trade surplus of 520.64 billion yen (5.7 billion US dollars) in September -- the highest figure since March 2008 -- up from 90.97 billion yen a year earlier, the finance ministry said.

Exports were down 30.7 percent from a year earlier, better than a drop of 36.0 percent in August. Imports fell 36.9 percent due to lower energy costs.

And in China, the economy is booming again. AFP/CNA reports:

China's economy grew 8.9 percent in the third quarter of 2009, the government said Thursday, in a strong sign the world's third-largest economy was on the road to recovery.

The Asian giant expanded at the fastest quarterly rate in a year after growing 7.9 percent in the second quarter and 6.1 percent in the first three months of the year, which was the slowest pace in more than a decade.

1 comment:

Best Savings Account Rates said...

This is a good news that economies around the world are recovering from the great global economic recession. In addition I would say that the four nations who remained solid during this global recession are China, India, Brazil and Russia and hopefully they will pick up the growth after recession.

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