Recession In India

The world is slowly, but surely, coming out of the fiscal quagmire that it was wallowing in for a long time.... the recession is finally showing signs of retreating with economies across the world fighting the crisis with a vengeance.

But it is primarily the Asian giants that are pulling back the world economy from the perils of recession.

Asia's four emerging economies, China, Indonesia, South Korea and Singapore have seen their economies grow, even as the world reels under a recession.

The GDP figures of these countries for the second quarter grew by an average annualised rate of more than 10 per cent, while America's GDP fell by 1 per cent, according to The Economist.

Japan's economy has also rebounded after going through one of its worst phases. The emerging Asian economies are likely to grow by 5 per cent. On the other hand, the economies of most South Pacific islands are expected to contract this year due to weak tourism and remittances, according to the Asian Development Bank (ADB).