The World Bank revised upwards its forecast on the global economic growth for 2010 to 2.7% from the 2% announced in June 2009, but the World Bank also warned that the global economic recovery may lose momentum in the second half of 2010 given that the impact of fiscal stimulus wanes, credit conditions remains tight and high unemployment persists.
In Hong Kong, seasonally adjusted unemployment rate came down further to 4.9% in October-December 2009. Sentiments among the large private businesses also improved further, with general optimism across all sectors surveyed as indicated by the latest Quarterly Business Tendency Survey. Meanwhile, Hong Kong was named the world’s freest economy for the 16th consecutive year by the Heritage Foundation.
In Asia-Pacific, Singapore’s non-oil domestic exports jumped for the second straight month in December, by 26% over a year earlier, amid rising global demand for its electronic and pharmaceutical output. Thanks to the strong Chinese demand, the value of Taiwan’s export orders surged by a record 52.6% year-on-year in December 2009.
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