Surging trade, increased private consumption and tourism are boosting output in Taiwan and Thailand as both countries report their fastest growth in several years, says the Wall Street Journal.
In Taiwan, gross domestic product soared 9.22% in the fourth quarter on a year-on-year basis, its highest pace in 5½ years. The Journal notes that strong exports and private consumption drove the rebound. On a seasonally adjusted, annualized basis, the economy grew 18%, says the Journal, citing Goldman Sachs.
Over in Thailand, the GDP grew at its quickest pace in 10 years, expanding 3.6% in the fourth quarter from the July-September period. Compared with a year earlier, GDP rose 5.8%. The Journal says exports, tourism and agriculture all rebounded, leading the government to upgrade its 2010 forecasts. On a seasonally adjusted, annualized basis, the Thai economy grew 15.3%, according to Barclays Capital.
The latest data suggest that while China is leading the region out of the financial crisis, "there's a very nice story building in the rest of Asia," Bill Belchere, chief economist at Mirae Asset Securities in Hong Kong, told the Journal. "It's a signal that confidence is coming back. People are making some money."