Hong Kong, Singapore Emerge From Recession

By Jason Farago,  Newser Staff
Posted Aug 14, 2009 5:39 AM CDT
Hong Kong returned to growth last quarter thanks to exports and increased private consumption. The territory's economy grew by 3.3% after four quarters of contraction.   (©trodel_wiki)

(Newser) – Hong Kong emerged from the recession with a bang last quarter, posting better-than-expected growth of 3.3% from April to June. The Chinese territory suffered four quarters of contraction but came out of the red thanks to a pickup in exports and increased private consumption. Singapore also blasted out of recession recently; it grew an annualized 20.7% last quarter.