An excerpt from the WSJ article, "Consumers Spend Asia Out of a Downturn."
"Chinese consumers are buying," says Dong Tao, regional Asia economist for Credit Suisse in Hong Kong. "Job prospects are good." Add what he calls "the spice of asset appreciation" in property and stocks, and folks feel richer.Still, Asia must rely on its exports to not just survive but to really thrive. More here.
All of that is good news for the world economy, which has relied on Asia to pull the world out of recession. The International Monetary Fund forecasts inflation adjusted growth in developing Asia will be 7.3% in 2010, compared to 3.1% globally. China has accounted for more than half of the world's economic growth the past three years, according to the IMF.
Note: In observance of Christmas tomorrow, be sure to watch for our special holiday post.