POLL - Asian economies set for sharp rebound in 2010

By Susan Fenton

HONG KONG (Reuters) - China is on track to reach its 8 percent growth target this year, while Asia's worst hit economies Singapore and Taiwan will see a sharp turnaround next year as the continent rebounds, a Reuters poll shows.

The poll covered growth estimates from more than 100 analysts in 12 economies in Asia including Australia and New zealand but excluding Japan.

It shows gross domestic product -- or the value of all goods and services produced -- in Singapore and Taiwan will shrink by just over 5 percent this year, deteriorating from a previous poll in March, which forecast they would both contract 4.9 percent.

While this year will be Singapore's worst ever and Taiwan's weakest performance since records began in the 1950s, the worst does appear to be over for the export-reliant economies. Both will see the sharpest turnaround in Asia from recession to growth next year, the poll shows.

Singapore already leapt out of recession in the second quarter and the poll forecasts the island economy will rebound 4.4 percent next year while Taiwan's GDP will increase 4 percent.

For a graphic of Asia economic forecasts click here

Signs that China's economy is picking up after a sharp slowdown is boosting trade, while fiscal stimulus across the continent is helping stem the downturn. But while economists foresee a rebound in Asia next year, that assumes an upswing in the United States.

"Recent data from China has indicated that their economy is building momentum, supported by their fiscal stimulus, and data from Korea and Taiwan show exports appear to have bottomed out," said David Cohen at Action Economics.