01 November 2012 03:49 [Source: ICIS news]
SINGAPORE (ICIS)--A prolonged eurozone crisis will have a significant impact on trade and exports growth in ?xml:namespace>
Falling consumption in the EU and the West in general will weigh on external demand for countries in Asia, but export-dependent economies such as
This was seen during the latest financial crisis in 2008-2009, when countries such as
On the other end of the spectrum, countries such as
Looking ahead, Jarczyk said that most Asian governments have some flexibility in tweaking their fiscal and monetary policies to absorb the impact of the eurozone debt crisis, partly because of the relatively low debt levels that they currently have.
Asian governments also "still have room" to adjust their interest rates to control growing inflation levels, he added.
In Europe, growth forecasts for
"Growth forecasts have worsened over the last six months... and the austerity measures that were introduced are having a significant impact, with their economies expected to contract for at least another year," Jarczyk said.
Over in the
Housing statistics in the
Jarczyk was speaking at the 2nd ICIS Asian Surfactants Conference in
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