Merill Lynch says US in recession, but Asia to remain strong on consumer spending

By Rachel Kelly, Channel NewsAsia | Posted: 14 May 2008 2100 hrs

SINGAPORE : The US economy is heading towards a recession and this will become more apparent in the second half of this year, according to analysts at a conference organised by Merrill Lynch on Wednesday.

But they said Asia will not be as badly affected, and its strong consumer spending will buffet the region from the US slowdown.

Merrill Lynch said the world’s largest economy is already in a recession, and it expects to see a prolonged L-shaped recovery. This means the US may take a longer time to emerge from the economic doldrums. But Merrill said this is not necessarily negative for Asia.

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