Asia is that light ...
• There is no doubt that the global economy is in the midst of the worst downturn since the end of the Second World War. However, there are some signs of improvement in certain parts of the global economy.
• This is especially the case in Emerging Asia where there are signs that the deterioration in the manufacturing sector is beginning to come to an end.
while the outlook is bleak for CEE
• Things unfortunately look a lot worse in Central and Eastern Europe (CEE), which is struggling with large external imbalances and large funding needs.
• In addition, a recovery in CEE will be weak compared with other emerging markets.
