Asian economies cool down

Calcutta News.Net
Saturday 23rd August, 2008

In Asia, demand for Toyota Motor Corp.'s cars, Samsung Electronics Corp.'s flat-screen televisions and Acer Inc.'s laptop computers has eased as the US housing recession dampens shipments.

Singapore said this week that exports had fallen for a third month in July. It also reported retail sales had declined 3.2 percent in June, the first drop in four months.

The Philippines this week cut its economic growth forecast for the second time this year.

In South Korea consumers are cutting purchases of new clothes with budgets coming under pressure from surging living costs

The Bank of Japan cut its economic assessment on Aug. 21st, saying growth would be sluggish' for the first time in a decade. Asia's biggest economy contracted last quarter as exports fell and consumers spent less.

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