Q2 GDP figures reported so far within emerging Asia have tended to be weak, with some analysts suggesting that sluggish growth in the US and euro-zone have stalled growth in Asia. This seems premature to us. Temporary supply-chain disruptions following Japan's mid-March disaster explain a large part of the slowdown in manufacturing. They also go a long way to explain the slowdown in household spending in many places, as car sales declined mainly due to production problems rather than soft demand. What's more, the weakest GDP data have come from countries reporting strong growth in Q1. Growth over the two quarters is around trend in most cases.
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