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A new year has dawned and with it, endless possibilities have arisen concerning Asia Pacific’s economic forecast. Will regional inflation decline at a steady pace this year? Is there any signification that consumer confidence will improve during the first quarter? Are producer prices higher or lower now than they were in recent months?
Has regional foreign trade strengthened or weakened lately? And, are there any signs that bank policy rates will be adjusted?
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As the end of 2012 quickly approaches, Asia Pacific’s economic forecast remains cloudy. Unemployment is still well above average in many nations, business and consumer confidence is lower than usual, and, as has been the case in recent months, Mother Nature continues to influence the region’s economic recovery. Within the last two months alone, typhoons Son-Tinh and Pablo have led to millions of dollars in damage – and potentially thousands of permanent and temporary layoffs.
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In early November, Asia Pacific’s latest economic figures were released to the public just days after typhoon Son-Tinh struck the coasts of China, Vietnam, and the Philippines, leading to millions of dollars in damage. Prior to the release of the data, Asia Pacific was slowly recovering from two other devastating typhoons, Saola and Libra, which occurred this summer, as consumer prices had recently begun to drop, while employment was rising in some nations.
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As Asia Pacific continues to recover from this summer’s devastating typhoons, Saola and Libra, the natural disasters’ impact on the region’s economy has already been apparent.
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In late July, typhoon Saola landed on the shores of China, Taiwan, and the Philippines, injuring thousands of civilians and destroying hundreds of homes and businesses.
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Last year, news networks throughout the world focused on Asia Pacific’s recovery from a variety of storms – floods, earthquakes, and typhoons – that not only destroyed homes and businesses, but also interrupted the region’s economic progress from 2008’s global recession.
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