Taiwan and Singapore GDP down sharply

Taiwan's economy contracted by a record 10.2% in the first quarter and Singapore's GDP shrank by a record 10.1%. Both island economies are heavily dependent on trade, and the dearth of demand around the world have taken a huge toll on both nations. The news follows Tuesday's preliminary report that GDP in Japan fell at its fastest pace ever.

Signs that China is reviving and indications that the worst is over for Europe and the US should help stabilize the economies of nation's that rely on exports.