By: Mike Campbell
The world is being led out of recession by Asian nations, according to regional leaders meeting at the Asia-Pacific Economic Co-operation organisation APEC. This view seemed to be endorsed by US Treasury Secretary Timothy Geithner: "If you look at the broad thrust of policy from China, it is playing a major role in helping contribute to recovery. The broad thrust of reforms provides a very promising basis for helping underpin a more solid foundation for growth in the future, not just in the region but around the world".
The IMF predicted that Asia would grow by 2.75% in 2009 and predict growth of 5.75% for 2010 which compares very favourably against western economic performance. However, APEC nations also need to withdraw the financial stimulus packages that they have put in place in a manner not to damage the fragile global recovery. APEC has 21 member states representing 40% of the world’s population. The group accounts for 44% of global trade.
In his State of the Nation address, Russian Federation president Dmitry Medvedev has acknowledged that the Russian economy needs to modernise and must not rely on revenues from oil and gas exports. His vision called for the reworking of inefficient state giants to make them more transparent and accountable and for the economy to produce new goods, technologies and knowledge. The Russian industrial and technological base had been allowed to fall away rapidly after the fall of the Soviet Union. Much of the affluence enjoyed by some segments of Russian society has been on the back of the countries raw material wealth, most noticeably oil and gas reserves.
The Russian currency has depreciated by 5.3% against the Euro over the course of the year.
Winds Of Change Blowing From The East?
DailyForex.com