Asia Can Weather Latest Crisis in Europe, DBS Says
May 13, 2010
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The Asian region would be able to withstand shocks from financial turmoil in Europe, but export-dependent economies were vulnerable, Singapore’s DBS Group said on Thursday.
Countries with large domestic markets, such as China, India and Indonesia, meanwhile, were the least vulnerable from falling exports to Europe, the bank, the biggest in Southeast Asia, said in a market commentary.
From a debt perspective, South Korea, Indonesia and the Philippines could be the most exposed because of the large size of their foreign borrowings as a percentage of gross domestic product.
But while another recession in Europe would hurt Asia, the impact would not be severe because of the region’s reduced dependence on the United States, Japan and Europe as markets for the region’s exports, DBS concluded.
AFP
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