Asia and South America outpace Europe and USA

National economies in Asia and South America are of European countries and the United States in their bids to recover substantially from the credit crunch, according to an influential research organisation.The Institute for Economic Research (WIFO) announced today (Mon) that many states in Asia and South America were doing well trying to surpass pre-crisis gross domestic product (GDP) rates. WIFO added that economic occurrences in Europe and the United States of America were dominated by mostly successful attempts to make up ground they lost since the outbreak of a once-in-a-generation recession in 2008.The think tank said most European economies have not yet reached the same level of activity and GDP rates they had before the economic downturn – in contrast to countries in Asia and South America.WIFO said national economies in Europe which are bordering Germany and focus on exporting their goods and services were recovering further from the blows of the past three years. Especially Germany – the continent’s strongest federal economy – left the crisis behind quicker than expected. Its jobless rate is in decline and companies of various economic sectors are in urgent demand for high-skilled staff as more and more orders are coming in.However, WIFO also warned today that some countries located on the outskirts of the European Union’s (EU) Eurozone were experiencing slight declines or a stagnation of their productivity. WIFO’s estimation for Austria is similar. The institute explained Austria was continuing to recover, but the industry was still less productive than it was struck down by the economic crisis.WIFO said in December 2010 it expected the Austrian GDP to climb by 2.2 per cent in 2011 compared to 2010 before a two per cent improvement in 2012.The International Monetary Fund (IMF) recently ruled out that the Austrian economy will fall back into recession. The intergovernmental organisation announced last month that the country’s GDP could climb by 2.4 per cent this year and 2.3 per cent in 2012.