By Channel NewsAsia's Hong Kong correspondent, Leslie Tang
HONG KONG: There may be signs that the global economy is bottoming, but some economists are warning that any recovery will not be quick.
And according to Nobel economics laureate Paul Krugman, domestic demand in Asia may not be strong enough to offset the fall in exports.
He said: "I think we probably have passed the acute phase of the crisis. Most indicators from around the world are now suggesting stabilisation. Not an upturn. We're still heading down, but much more slowly than before."
Speaking at an event to commemorate the 20th anniversary of the Hong Kong's Securities and Futures Commission, Mr Krugman warned that many factors are likely to continue to worsen, which may hinder a quick recovery.
He also noted that unemployment in advanced economies is likely to stay on the rise.
Some analysts have said Asia is well-placed to be the first region to recover from the crisis, but Mr Krugman is not as optimistic.
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http://www.channelnewsasia.com/stories/economicnews/view/431145/1/.html
Ruin-Nation
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