Going Global!

Singapore's GDP Grew Just .5% in Second Quarter

Late last week Singapore announced dramatically lower .5% GDP growth for the second quarter. Singapore had been growing at 9%. What is the reason for this dramatic shift? 

China GDP Grew at 9.5% in Q-2

Just returned from the U.S. where many friends asked how the economy is in Asia. Well, it is pretty good. China reported 5.6% inflation in June earlier this week. They are fighting to get inflation under control. Second quarter GDP figures released today report China grew at 9.5% in Q-2. This is better than 9.4% as predicted by economists, but down from 9.7% GDP growth in the first quarter.

Reuters reported:

COUNTRY          GDP GROWTH             INFLATION RATE                 JOBLESS RATE

China                     9.7% (Q-1)                    5.5%                                    4.1%

Japan                     -3.5%                           0.3%                                     4.5%

South Korea             4.2%                            4.4%                                     3.3%

 

Japan is obviously devastated by the earthquake and tsunami. However, its supply chains have been restored and economists predict a better quarter to come. The other Asian tiger economies: Singapore, Taiwan, Malaysia, Hong Kong , Thailand are all growing from 4-7%.           

All in all: Asia is doing well.