NORTHVILLE, Mich. (Nov. 10)—The Asian region's economic boom continued during the third quarter, growing 9.1 percent, according to CSM Worldwide, a global forecasting and consulting firm to automotive suppliers. The housing market is booming, and home mortgages and car loans are becoming more prevalent in the region, Jim Gillette, CSM director of supplier analysis, said in a written release. The economic expansion in China, Japan, South Korea, Thailand and India has in turn fueled a rise in consumerism, but not without exerting pressures on the current economic systems, CSM said. The current banking system in China and other Asian countries is extremely fragile and still rebuilding from the currency devaluations of 1997, the firm said, adding that the problem will only get worse as Asian currencies strengthen.
Forecasting firm: Asian economy growing, but banking systems fragile
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