07 April 2010 09:53 [Source: ICIS news]
By Pearl Bantillo
SINGAPORE (ICIS news)--Asian petrochemical stocks gained on Wednesday due to upbeat regional economic outlook amid continued monetary and fiscal support from various governments.
In a report released on Wednesday, the World Bank raised its growth forecast for developing east Asia to 8.7% for 2010, nearly a full percentage point higher than its November projection, bullish that the region would lead the global recovery from last year’s recession.
GDP growth in the region slowed to 7.0% in 2009 from 8.5% in the previous year, based on World Bank’s data.
Better economic prospects bode well for consumption of petrochemical raw materials.
Shares of major petrochemical companies in ?xml:namespace>
“Recovery in demand abroad, a sustained fiscal and monetary stimulus within developing
The multilateral institution said that the region had “emerged from the crisis with manageable deficits and relatively low public and external debt”.
World Bank chief economist for East Asia Pacific region Vikram Nehru, however, said that the world faces a more difficult trade environment, given prospects of slower growth in developed countries.
“In that setting, the developing countries of
Economic expansion in
Governments across the world were careful about withdrawing the fiscal and monetary policy on fears of disrupting the recovery process from the 2009 recession.
The Bank of Japan (BOJ) had just maintained its 0.1% policy rate on Wednesday, while it put itself to task to overcome deflation – a prolonged condition of falling consumer prices – prevailing in the country.
Over the past few days, the
To discuss issues facing the chemical industry go to ICIS connect
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections