Word: asianized
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...miracle that has received scant attention has been the way the region in the first half of this decade has enjoyed generally rapid growth - headlined by booms in China and India - without awakening the beast of inflation that so often roars when economies get overheated. From 2003 to 2007, Asian economies (not including Japan) expanded at an average annual rate of 8.1%, triple that of advanced economies. Over the same period, inflation in Asia averaged a relatively mild...
...economist for Société Générale in Hong Kong, estimates that GDP growth in East Asia (excluding China and Japan) could sink from about 6.5% this year to 5% in 2009, the slowest rate since 2001. Inflation, Maguire says, "is the largest risk to Asian growth since the financial crisis...
...This combination of slowing growth and soaring inflation turns economic policymaking into a tricky tightrope act - one with potentially ugly consequences for Asian governments that get the balance wrong. In the past 40 years, rapid price rises contributed to the collapse of two Indonesian regimes; inflation was also a factor during China's Tiananmen Square uprising in 1989. Consumer price inflation stirs up the middle classes because it can quickly erase years of hard-won personal gains. And inflation can be particularly cruel to the poor, because families are forced to spend a larger share of their meager incomes...
...warned that the world was "entering a danger zone." He called rising food and oil prices a "man-made catastrophe" that could quickly reverse the gains made in overcoming poverty over the past seven years. For now, though, there is more talk than action on the international front, so Asian governments are battling on their own. There are some early signs that anti-inflation measures could pay off. After peaking at a 12-year high in February, inflation in China will begin to taper off in coming months, economists are predicting. To cool down its overheating economy and help throttle...
...Java Café & Gallery, tel: (855-23) 987 420, overlooking the gardens in front of the Independence Monument. Then take a short walk across Sihanouk Boulevard and down Sothearos Boulevard to Meta House, tel: (855-23) 224 140, the city's popular arts and media center. It features Cambodian, Asian and Western works and has nightly lectures and films. Still within walking distance, sample Khmer cuisine with dinner at Sweet Restaurant & Bar, tel: (855-12) 999 119, which has a relaxed garden setting. If it's still early, try fair-trade coffee and a selection of contemporary...