Asia

In contrast to the United States and the Eurozone, the Chinese economy developed extremely favourably. By the summer half-year it had already almost bounced back to its previous growth rates. Business activity was considerably boosted, not least thanks to an extensive economic stimulus programme implemented by the government.

The Japanese economy was also hard hit in the winter of 2008/2009 on account of its dependence on exports. As early as the second quarter of the year under review, however, exports enjoyed renewed moderate growth. By the end of the year Japan, too, had entered a very clear recovery phase – albeit one that is driven very heavily by exports.