10 Mar '11, 10am

Asian boom may slow global recovery

Asian boom may slow global recovery

SYDNEY : Demand from rapidly developing Asia is propelling price rises that will hamper the global economic recovery in advanced countries, Australia's reserve bank chief has warned. The bank's governor Glenn Stevens said Asia's rise was "changing the shape of the world economy" -- and doing so more quickly than had been expected. He told an audience in London that upward pressure on prices came from "a couple of billion people in Asia seeking, and in many cases rapidly converging on, the way of life that the advanced countries have enjoyed for decades. "These price rises, not to mention those occurring most recently as a result of pressure on oil supplies, are quite unhelpful for the advanced countries, particularly those whose recoveries have been hesitant to date." In the Wednesday speech, he said the rises amounted to a "supply shock" for advanced countries -- "someone...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

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