Overview

The collapse in global demand for information-technology equipment is hurting East Asia. In the year to the first quarter, Taiwan's GDP growth fell to a 25-year low of 1.1%, from 4.1% in the fourth quarter of last year. Over the same period, Hong Kong's GDP growth slowed to 2.5%, from 6.9% in the fourth quarter. In the year to April, Singapore's industrial production fell by 0.8%, but South Korea's output rose by 5.7%. Hong Kong's trade deficit widened to $11.9 billion in the year to April.