"Reserve-rich Asia can afford to turn on the government spending taps should a recent bout of sluggish economic growth deteriorate into a deeper downturn.
For countries counting on exports for growth -- in other words, most of Asia -- overseas demand over the next couple of months may look as shaky as it did in May and June.
A series of manufacturing surveys released Friday showed export orders weakened, particularly from Europe and the United States. As long as those regions struggle with slack consumption, Asia's trade powerhouses will suffer.
"Clearly, we are in for a rough summer," said Frederic Neumann, Hong Kong-based co-head of Asian economics for HSBC, which compiles the monthly manufacturing surveys in Asia".............READ MORE
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