Credit crisis has come to Asia
18 August 2008The majority of the Asian economies have practically not suffered from August crisis of credits of subprime level. As the American financial system tried to recover from summer crash, the Asian companies enjoyed stable profits and increased manufacture.
However, recently business in this region does not go well. Economists mark, that in June, 2008, volume of export from the countries of Asia has sharply gone on recession, testifying that credit crisis has come to the Asian states.
The chapter of Hong Kong Feng Tai Footwear Co Ltd marks that the problem consists in the western companies. Because of purchasing capacity decrease they do not know what to do with the goods and often break off contracts with suppliers.
In economists opinion, rates of growth of the Asian economy (except for Japan) will decrease from 9,1 % in the past to year up to 7 % in this year.
If demand from the USA will continue to decrease, the majority of developing countries will face sharp delay of rates of economic growth. And the Asian countries will not be the exception.
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