Showing posts with label Asean. Show all posts
Showing posts with label Asean. Show all posts

Wednesday 15 April 2009

What will happen in more politically unstable Asian countries

From The TimesApril 15, 2009

And if it can happen in Singapore...

With more bad economic news out of the city state, the worry is what will happen in more politically unstable Asian countries

David Wighton: Business editor's commentary


They are not talking about green shoots in Singapore, at least not economic ones.

The city state's central bank effectively devalued its currency yesterday as figures showed that the economy shrank by an extraordinary 11.5 per cent in the first quarter compared with a year earlier.

The Government revised its forecast for the full year to a slump of between 6 and 9 per cent.

So successful for so long, Singapore is heavily exposed to sectors hardest hit in the current downturn - finance, shipping and manufacturing. Exports were down 17 per cent in the first quarter.

The very modest devaluation will not help much - at least until export markets pick up - and the authorities will be wary of a bigger depreciation of the currency in case it undermines the confidence of international investors.

Analysts believe the downturn may prompt an exodus of expatriate workers undermining the efforts to encourage immigration and turn Singapore into a finance hub for South East Asia.

The worry is that where Singapore goes, other less politically stable Asian countries may follow.

http://business.timesonline.co.uk/tol/business/columnists/article6094612.ece

Friday 20 March 2009

South-east Asian nations band together to safeguard exports

South-east Asian nations band together to safeguard exports
South-east Asian leaders called for greater co-ordinated regional action to help restore their damaged export-driven economies.

By Ben Harrington
Last Updated: 10:38PM GMT 01 Mar 2009

At the annual Association of south-east Asian Nations (Asean) summit held at the Thai seaside resort of Hua Hin, the 10 members of the organisation endorsed measures to stimulate economic activity, ease access to credit, and stand firm against trade protectionism.
Asean members include Indonesia, Singapore, Malaysia, Philippines, Thailand, Brunei, Cambodia and Laos.

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Asian economists warn Barack Obama policies could make downturn worse

Export-dependent Asian economic growth is slowing rapidly as consumers and companies cut back spending amid the worsening global downturn.
In south-east Asia, Singapore is in recession and economists believe Malaysia and Thailand are on the brink, while Indonesian growth has slowed to its weakest pace in more than two years.
Many Asian countries have announced stimulus plans to stem the economic damage, but exports will not stage a major recovery until consumers in the West start spending again.
However, The 10 leaders of Asean failed to spell out any specific policies the group would take in a chairman's statement. Leaders also called for reform of the international financial system to take more account of developing countries. Meanwhile, the Asean members also said they still plan to become an economic community similar to the European Union by 2015 to boost competitiveness.
However, the group stressed that the EU was an inspiration and not a model.
One of the less high-profile agreements to come out of the summit is that dentists are now allowed to practice throughout the region.

http://www.telegraph.co.uk/finance/economics/4903911/South-east-Asian-nations-band-together-to-safeguard-exports.html