Word: asia
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Dates: during 2000-2009
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...those in the tourism industry, discussing restrictions simply doesn't fly. The world travel sector is already experiencing its first contraction since 2003, when the outbreak of SARS in Asia decimated tourism revenues. Michael O'Leary, chief executive of discount airline RyanAir, drew criticism on Tuesday for publicly suggesting that only the world's poorest people will succumb to swine flu, despite the fact that two middle-class Scottish newlyweds have been isolated in a hospital for several days after having tested positive for the H1N1 virus. "It is a tragedy only for people living in slums in Asia...
...companies have been hit harder by the severity and suddenness of the global economic crisis than Asia's manufacturers. With unemployment on the rise, credit tight, and uncertainty high after the financial meltdown on Wall Street, consumers in the U.S. - Asia's most important customers - slashed their purchases of the toys, blue jeans and flat-panel TV sets churned out by the region's factories. The consequences have been disastrous. Every major economy in the region, from Japan to Singapore, has seen exports contract sharply, usually by eye-popping double-digits. Taiwan registered year-over-year declines of more than...
...there might be a glimmer of hope. Recent data shows that exports are starting to inch off their lows, an indication that the worst of the recession in Asia may be passing. In Singapore, exports rose 11% in March from February, the second straight month-on-month increase. Japan's grew by 2.2% in March from the month before, leading Merrill Lynch economists to speculate that "it is possible that exports are bottoming." Most importantly, China's exports rose 7.6% in March from February, after six straight months of contraction. "While exports growth is likely to remain weak...
...availability of trade finance, which had dried up as banks clamped down on lending in late 2008, hamstringing global trade. But China, the world's third-largest economy, is likely a more crucial factor in the turnaround. China sits in the middle of an increasingly important trading system within Asia. Countries like Japan, South Korea and Indonesia export capital goods, components and raw materials to China, where they are used to manufacture final products for shipment to the West. This network broke down as demand in the U.S. and Europe shriveled, but economists say China's stimulus program might...
...trade between Asian economies is picking up, that trend lends weight to the belief held by many economists that Asia could emerge from the recession ahead of the U.S. and Europe, based primarily on improved economic activity within the region. "Intra-regional trade will play a much more important role in a recovery (in Asia) than people thought," says Andrew Freris, senior investment strategist for Asia at BNP Paribas Wealth Management in Hong Kong. "And that is good news." (See pictures of the global financial crisis...