SINGAPORE, Dec. 3 (Xinhua) -- Asia has emerged from the latest global financial crisis in a much better position than its Western counterparts, and is set to play a key role in leading the world to recovery, Singapore Exchange's (SGX) chief said on Thursday.
With a growth forecast of over seven percent for developing Asia in 2010, Asia is outstripping the expected growth rates in Western economies many folds, said Magnus Bocker, Chief Executive Officer of SGX.
He said that Asia has one of the world's highest gross national savings rates (aggregate of corporations, households and government). Led by China with a savings rate of approximately 50 percent, South Korea, India and Japan each enjoy a rate of 25 to 35 percent.
This is in contrast to the United States with savings rates of only 10 percent, mainly contributed by their corporate sector.
Based on data from the International Monetary Fund, the size of combined Asian economies, measured by Gross Domestic Product, has overtaken the United States since 2008, and is projected to exceed Europe in 2011.
On the home-front, he said that there are advantages that serve as strong foundation for SGX to succeed as the Asian gateway.
One growth area will be the trading of commodity products where first quarter next year, SGX will be launching the Fuel Oil 380 CST Futures, and its subsidiary, Singapore Commodity Exchange (SICOM) will be expanding their product base to include gold, coffee and the clearing of over the counter rubber contracts.
Its partnership with Chi-X Global to set up the first exchange-backed dark pool is another step towards meeting the demands of Asian and international investors, he added
Source: xinhuanet.com/
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