Chart of the day: Trading places
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.