August 20, 2009
Photo by Jonathan N
Japan, China South Korea, Indonesia, Singapore, and Hong Kong are all reporting quarterly growth for the first time in a year. Blaine Harden, of the Washington Post Foreign Service reports on August 17, 2009 that the growth is due to “a spurt in manufacturing, an easing of credit, and the health of Asian banks that were largely unscathed by the U.S. and European debt crisis.”
Germany and France are also showing growth, but not to the degree of the Asian countries. The U. S. on the other hand suffered a decline in growth for the second quarter as the Federal Reserve will pull back its intervention in the economic recovery soon.