Jumping for Joy in the Pacific

TIME'S economists forecast swift growth in East Asia and Australia

The Pacific Basin has become the place where America shops for everything from toys to machine tools. The U.S. this year will import goods worth an estimated $110 billion from East Asia and Australia. During the past 18 months, when the American economy staged a stronger recovery than expected, the powerhouse industries of the Pacific region shifted into overdrive. Singapore's exports to the U.S. rose 51% in the first eight months of this year, and Japan's jumped 46%. The flood of Asian products is...

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