As growth falters, analysts ask has Asia lost its mojo?
Published on Oct 7, 2012 1:30 PM
HONG KONG (AFP) - First the IMF warned developing Asia to brace for shocks from the West. Then the Asian Development Bank slashed its regional growth forecasts. Now analysts are asking, has Asia lost its mojo?
The European debt crisis and weakness in the United States have long been drags on Asian growth, but throw in China's difficult leadership transition and the outlook is grim.
"It wasn't supposed to turn out like this. Growth in recent months has faltered again, confounding expectations of a gradual recovery," HSBC economists Qu Hongbin and Frederic Neumann wrote in a report released last week.
"China is one culprit, though a wobbly West is equally to blame."
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