VOA标准英语2008年-Asian Markets Rebound; Growth Outlook Dims Due

Financial markets in Asia have rebounded 1 after massive central bank intervention 2 and moves by the United States authorities to assist troubled financial firms. But as Ron Corben reports from Bangkok, while Asia's economic growth prospects 3 are expected to dim in 2009, analysts 4 expect the financial sector 5 to remain resilient after a decade of reforms.
　
A passerby 6 glances at a digital stock index display outside a brokerage office in Tokyo, 19 Sep 2008

Asia's financial markets recovered strongly Friday as investors 8 took their cue from U.S. central bank intervention with the pumping of over $200 million into fragile credit markets and government measures to boost share trading volumes.

The Hong Kong and Shanghai indices surged over nine per cent after the Chinese government cut taxes on share purchases and bought shares in state-owned banks.

Japan's Nikkei index gained almost four percent while shares in South Korea leapt over 4.5 percent as investor 7 confidence returned to the markets driven on by a strong U.S. market recovery.

The U.S. government was reported to be preparing to set up a new entity 9 to assist troubled financial firms. Other short term policy measures in Britain and New York tempered heavy selling.

But credit markets remained cautious despite the measures, and moves by central banks in Japan, Australia, Indonesia and India Friday to inject a further $42 billion into credit markets.

The moves by central banks and governments came as international capital markets are seen to be facing the most severe crisis since the Great Depression of the 1930s - triggered by systemic failures in the financial and banking 10 sector in the United States, accompanied by restrictions 11 on international trade.

Financial markets this week have been gripped by panic after major U.S. investment bank Lehman Brothers was forced into bankruptcy 12, other troubled banks were forced to sell and the U.S. government mounted an $85 billion rescue operation for troubled international insurance house, AIG.

Analysts are expecting a major restructuring of the U.S. financial market in the wake of the crisis triggered by a credit shortage and recession in the U.S. housing market.

Economists 14 are now warning of a sharp downturn in the global economy as financial market uncertainties 15 spill over to the general economy, including Asia.

Director General of the United Nation's Conference on Trade and Development, Supachai Panitchapkadi, this week warned the global downturn will continue into 2009.

Suvojit Banerjee, an economist 13 with the UN's Economic and Social Commission for Asia and the Pacific (UNESCAP) says Asia's export sector, a key driver of most economies, will be hit by a downturn in the European and U.S. economies.

But Banerjee says a downturn will be eased somewhat by the strength in domestic consumption in Asia, with most governments holding substantial foreign exchange reserves. He says the medium term outlook is favorable.

"In the longer term investors are likely to realize that these economies remain very solid and largely robust 16 with decent growth prospects as compared to developed country markets so there will be a return of interest to the region," he said.

Banerjee also says the Asia region's banking and finance sectors 17 are in better shape to face the current crisis after efforts to rebuild a stronger banking sector following the financial crisis of a decade ago.

"The region is likely to withstand the brunt of the financial turmoil 18 because of the many policy measures undertaken after the 1997 financial crisis," he said.

The recovery in markets comes ahead of a scheduled meeting of central bank governors from Japan, China, Australia, India and several South Asian and South-East Asian countries meeting in the Thai capital Bangkok Saturday in a closed door session appraising 19 recent developmnents on the global financial markets.