Southeast Asia’s solid economic growth rides over global woes

Southeast Asia is showing stronger signs of resilience to global turbulence than the rest of Asia as buoyant domestic spending offsets struggling exports, while low debt levels give governments more room than their cash-strapped counterparts in the West to deliver stimulus. On Thursday, the Philippines became the latest economy in the region to post impressive first-quarter numbers, growing at its strongest in two years at 2.5 percent in January-March, although some analysts questioned whether the pace can be maintained as The region of about 600 million people, rich in natural resources, is benefiting from a commodity boom, greater foreign investment and increased trade with China that have lifted consumer spending by a rapidly expanding middle class. … The Franco-American company saw strong growth potential in Cambodia, Laos and Vietnam, where mobile phone penetration rates remain low, Rajeev Singh-Molares, its president for the Asia-Pacific region, told Reuters. Asia already contributes about 20 percent of the firm’s revenue. …

http://uk.reuters.com/article/2012/06/01/uk-seasia-economy-idUKBRE85009U20120601