“The Philippine and Taiwan economies grew more than forecast last quarter, and Singapore’s jobless rate fell to a five-year low, signaling an upswing at the end of 2012 that underscoresAsia’s role leading a global recovery.
In the Philippines, gross domestic product grew 6.8 percent from a year earlier, while Taiwan reported a preliminary 3.42 percent gain and upgraded its full-year growth forecast. Singapore’s unemployment was 1.8 percent.
Asia’s resurgence as China rebounds contrasts with the U.S. yesterday reporting an unexpected decline in gross domestic product after defense spending plunged. Meantime, Japan’s economic outlook depends on Prime Minister Shinzo Abe reviving wages and spending, with less-than-forecast industrial output for December highlighting the challenge ahead.
“Asia is leading the global recovery,” said Glenn Levine, an economist at Moody’s Analytics in Sydney, who has covered Asian economies for almost eight years. “China has started to gather momentum as the various domestic stimulus policies kick in and that lifts the region. Southeast Asia is doing very well autonomously.”
Taiwan raised its forecast for this year’s growth to 3.53 percent from 3.15 percent as China’s economic rebound boosted its imports, underscoring President Ma Ying-jeou’s case for closer trade and investment ties. The island plans to allow more visitors and securities investment from the mainland, and let domestic lenders conduct business in yuan by early February.
