Asia

China continued to see very vigorous expansion, although the pace slowed somewhat in the course of the year. This was likely due first and foremost to the government’s efforts to prevent overheating of the real estate market and counter excessive lending with a considerably more restrictive monetary policy. Gross domestic product nevertheless grew by 10.3%. All in all, growth prospects remain positive.

In Japan the recovery that followed the sharp economic downturn associated with the financial market crisis was sustained. The pace of growth nevertheless slowed appreciably over the course of the year. This was due in part to the ending of government assistance measures; as a further factor, the economic slowdown in major export markets and the stronger yen led to a decline in exports.