China continues on its growth in the second quarter
While a large part of the world continues to fight against the virus, China has recovered relatively quickly. The economy experienced cumulative growth of 0.7% in the first nine months of this year.
China has grown by 4.9% in the quarter of July to September compared to the previous year, according to statistics published by the Government. The pace was faster than the 3.2% increase recorded by China in the second quarter, when it has been able to avoid the recession fueled by the pandemic that has seized a large part of the globe.
But growth has also been a little weaker than expected: Analysts surveyed by Refinitiv predicted that the Chinese economy would grow by 5.2%.
Record growth forecasts for Japan since 1980
The Japanese gross domestic product should have increased by 18.9% in annualized terms in July-September, according to a survey of 18 economists, the fastest growing pace ever recorded since comparable data are available in 1980.
On a quarterly basis, GDP should have increased by 4.4% in the third quarter, after a contraction of 7.9% over the previous three months, depending on the survey. A return to growth would allow the third world economy to leave the worst post-war recession
Private consumption, which represents more than half of the Japanese economy, increased by 5.1% for the quarter, according to the survey, after falling 7.9% in April-June. External demand has probably contributed 2.6 points to the growth of Trimester GDP. But investment expenditures should have decreased by 3.0% in the third quarter after a 4.7% drop in the previous quarter, depending on the survey.
South Korea rebounded after the recovery background
The South Korean economy has returned to growth in the third quarter, recovering from its strongest contraction in more than ten years, thanks to the stimulus measures taken by the government and the relaxation of the restrictions imposed by the main trading partners in matters of coronavirus.
The fourth economy of Asia has grown corrected for seasonal variations of 1.9% during the quarter of September compared to the June quarter, Today said the Bank of Korea, recording its stronger expansion since the first quarter of 2010.
Economic contraction decreases more and more in the Singapore
Singapore's GDP contracted by 7% annual slip in the third quarter 2020, an improvement over the contraction of 13.3% of the second quarter. Improving the performance of the Singaporean economy is due to the progressive reopening of the economy following the setting up of the circuit breaker between April 7 and June 1st.
The construction sector contracted from 44.7% year-on-third quarter, extending the decrease of 59.9% of the previous quarter. The service production industries decreased by 8% annual slip in the third quarter, which constitutes an improvement over the decrease of 13.6% of the previous quarter.
However, the finance and insurance and information and communications sectors recorded constant growth over the quarter. On a quarterly basis corrected for seasonal variations, the service-producing industries increased by 6.8%, which represents a reversal from the 11.2% drop observed in the second quarter.
Indonesia gets up gradually the pandemic
The Central Statistics Agency revealed that the Indonesian economy had contracted 3.49% (in annual slip) during the third quarter 2020. The Statistics Agency also stressed that the Indonesian economy was Contracted by 5.32% year-on-year in the second quarter 2020 due to the limitation of economic activities related to the CVIV-19 pandemic.
Despite a negative growth, on a quarterly basis, the Indonesian economy increased by 5.05% in the third quarter 2020, which shows significant recovery signs.
Some observers predict that the Chinese economy will exceed that of the United States by 2050 and that the economy of countries will far outstanding Western countries. These predictions face a major problem: the interdependence of savings. The GDP of Asian countries depends too much on Western exports. When the western economy goes badly, Asia is bothering to take off. To arrive at the economic leadership, Asian countries must rehabilitate the interdependent economic model with the West.
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