Chart Book

Chart of the day: Trading places

PUBLISHED : Thursday, 28 August, 2014, 5:03am
UPDATED : Thursday, 28 August, 2014, 5:03am

Global trade growth is running at less than half the pace over the past two years than it was doing in the five years running up to the 2008-09 financial crisis when it collapsed altogether. This has left growth in export-oriented Asian economies feeling decidedly sluggish. If trade does bounce back to pre-crisis levels over the next two years, implying a 4-percentage-point annual acceleration, economists at ratings agency Standard & Poor's calculate that Singapore would get the biggest boost. A 1-percentage-point rise in global trade would add about 0.6 percentage point to Singapore's gross domestic product. China would get a 0.4-percentage-point uptick, just ahead of the broad Asia-Pacific region's 0.3-percentage-point GDP gain. "The not-so-good news is that we are nowhere near pre-crisis growth in global trade," S&P cautions.