Dresdner RCM is tipping Asia for economic recovery as consumer spending picks up and many countries ...
Dresdner RCM is tipping Asia for economic recovery as consumer spending picks up and many countries in the region run balance of payment surpluses.
Stuart Winchester, manager of the group's Oriental Assets fund, believes a long period of corporate restructuring and evolution means those companies that are left are now fit for growth.
He highlights Korea and Thailand as two countries which are seeing improved liquidity conditions.
'Obviously a return to trend rate of growth in Japan and the US is beneficial to Asia,' said Winchester. 'The falling dollar and albeit limited recovery in export growth in the first quarter of this year, has allowed Asian governments to countenance a continued pick up in their domestic economies.
'Taiwan and Hong Kong are still facing some structural problems but with China continuing to attract foreign capital, these markets have a unique position to prosper on the back of these flows.
'Asian markets should be approached with caution, but there will be growth opportunities for those who want to diversify their portfolios. Growth levels will not be as strong as in the past, rather there will be a slow and steady rise.'
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