Asia leads global recovery for first time: Singapore minister

15:54, August 20, 2010      

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A Singapore minister said on Friday this is the first time that Asia has led a global recovery, and the turnaround in the region is more entrenched, and has progressed further than that of the advanced economies.

Singapore's Minister in Prime Minister's Office, Second Minister for Finance and Transport Lim Hwee Hua said at Invest Fair 2010, an annual investment conference here.

The intra-Asian trade and investment are also growing much more rapidly than Asia's trade with the rest of the world, with the Asian regional economy now a driver in its own right.

This is not just a short term phenomenon, she said, but a longer term shift that reflects the growing importance and integration of the regional markets.

Closing in on Asia, the minister further said that the quick and successful recovery reflects the stronger economic fundamentals in the Asian economies, buttressed by years of reform post the Asian Financial Crisis.

The minister observed that the regional recovery looks poised to strengthen.



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