Recent weak economic data in Asia, due in large part to the slowing European economy, has heightened concerns for a looming recession in the region (and the rest of the world).
Japan's economy grew much slower than expected in the second quarter, the Japanese government reported Monday. The country's GDP grew 1.4 percent last quarter versus expectations for a 2.5 percent increase. In the first quarter, Japan's economy grew at a much more rapid clip of 5.5 percent.
This news follows on the heels of China's depressed exports data last week. The Chinese government reported only a 1 percent increase in export growth for July, down 10 percent from a year ago.
Mark Dow, former policy economist for the IMF and the U.S. Treasury, doubts that Asia is headed toward a recession.
"Asia shouldn't fall into recession but the slowdown should be meaningful and China is the epicenter of that," says Dow, adding, "China's economy is the reverse of firing on allRead More »from Worst-Case Economic Scenarios Will Be Avoided This Year: Mark Dow