AP: The central bank said Friday that manufacturing and exports helped spur growth. Manufacturing expanded 8.2 percent in the second quarter while exports grew 14.7 percent.
South Korean exports, which slumped from late last year as consumers overseas cut spending amid the global downturn, have shown signs of improvement in recent months. The country's trade surplus has been hitting record highs.
SHOOT: The lower oil prices of late have conspired to boost the Asian region, which uses proportionately large amounts of fossil fuels. These lower prices have the same effect as a tax cut.
AP: China's economy, the world's third largest, grew 7.9 percent in the second quarter from a year earlier, accelerating from an expansion of 6.1 percent in the first. Singapore, meanwhile, grew for the first time in a year, its economy surging an annualized 20 percent in the second quarter.
Kwon Goohoon, economist at Goldman Sachs in Seoul, said the second-quarter figure equates to annualized growth of 9.5 percent.
SHOOT: There is no way this growth can be sustained, sorry to say. Oil prices are already hitting $70 again, and will sabotage any 'recovery'. Every rally we see from here on will be a sucker's rally, because we're in a period of permanent contraction.
As a sidenote, my father was recommending I make money now with my Economics degree. He said the market is turning and everyone will want to get in. It might look that way. My view is that capitalism is no longer a viable system. The whole system based on property markets and 'growth' needs energy and credit to work. We have neither at our disposal.