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US Deficit Plays Important Role in Asia-Pacific Growth

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The coverage on the US debt ceiling has been unavoidable. The conclusion of it has important ramifications for the Asia-Pacific region as well as the US. This is because East Asia depends on export-driven growth with the US market still key, according to Rajiv Biswas of the BBC.

If the decision to downgrade the US’ credit rating by Standard & Poor’s pushes up financing costs in the US economy and thus endangering growth for the US, the effects will be felt worldwide.

The debt deal has therefore reduced (or at least postponed) a heavier risk to the global economy in the second half of the year.

This is some good news for the Asia-Pacific economies, which have been facing headwinds from the US and Europe’s economic crisis during the first half of 2011.

Two potential growth drivers for Asia in the upcoming months are Japan’s fast recovering economy, and the fast growing Chinese economy.

With these two economies looking strong for the future, the outlook for the Asia-Pacific region offers increasing export-growth momentum.

What this means for jobs

In a time where job creation and unemployment figures are unimpressive in the western hemisphere, the economy in the Asia-Pacific region is growing and strengthening, offering a positive job outlook.

Many industries will be increasing their hiring to handle demand, in particular, the supply-chain management sector. Executives in this industry should consider the Asia-Pacific markets if they are looking for a new job.

However, the lasting power for this forecast relies upon decisive action by European and American governing powers.

   
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This article was written by Bella Barda, Emerging Markets Assistant from the Association of Executive Search Consultants (AESC).

BlueSteps is the exclusive service of the AESC that puts senior executives on the radar screen of over 6,000 executive search professionals in over 70 countries. Be visible, and be considered for up to 50,000 opportunities handled by AESC search firms every year. Find out more at www.BlueSteps.com

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