December 2012

2012 Petrochemical Review

Asia: China

The International Monetary Fund (IMF) announced in its January 2012 “World Economic Outlook” that the global GDP growth rate was 3.8% in 2011. However, Asian-Pacific nations bucked this tren..

Fu, X., Li, X., Zhang, L., Petrochemical Research Institute, PetroChina; Lin, A., PetroChina Ltd., Co

The International Monetary Fund (IMF) announced in its January 2012 “World Economic Outlook” that the global GDP growth rate was 3.8% in 2011. However, Asian-Pacific nations bucked this trend. In 2011, China’s GDP was 9.2% and India’s GDP reached 7.4%. The IMF estimates that global 2012 GDP will grow by 3.3%; China’s GDP will grow by 8.2%, and India’s GDP will increase by 7%. The global economy is threatened by intensifying strains in the euro area. Financial conditions have deteriorated, and growth prospects are dimming. Lower demand for Asian exports is dragging growth. However, Asian economies continue to remain buoyed by continuing strong domestic demand.

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