Asian boom-times 'to continue'

15 September 2008

The developing world's rapidly-growing economies will not be markedly affected by the global credit crisis, it has been suggested.

According to analysis from British bank Standard Chartered, the Asian nations would experience increases in domestic demand over years to come.

This means that, proportionally, it will be less exposed to crunch-hit Western economies.

The bank currently derives around $9 out of every $10 it earns from Asia, the Middle East and Africa.

Peter Sands, Standard Chartered's chief executive, said: "In the West we have a financial crisis that is in full swing and from my perspective is far from over.

"I wouldn't say that Asia will be immune to all the consequences of the credit crunch in the West...what we will see in Asia is a moderation of the growth but not an interruption of economic growth."

Earlier this week, the European Commission predicted that several of the continent's large economies, including those of Spain and the UK, would fall into recession before the end of 2008.

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