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...limit to what governments can do. Exports are simply too important to the tiger economies to be easily replaced. They represented 74% of Taiwan's GDP and 46% of South Korea's in 2007. "You can't change the [export] model," laments Song Seng Wun, an economist at CIMB-GK Research in Singapore. "You just have to make sure everyone can take the downturn...
...driven Asian economies more than originally thought. Turmoil in Europe as governments scramble to cobble together their own bailout packages has convinced Asia that the contagion will spread far from Wall Street. "We felt pretty good that our economies are stronger," says Song Seng Wun, an economist at CIMB-GK Research in Singapore. "Problems seemed to be other people's problems." But recent events "have made us realize that we aren't entirely safe. It looks like the problem might be closer to home...
...Asia is somewhat better protected than other parts of the world against recession. For one thing, most Asian governments are in sound financial condition and can prime their economic pumps almost at will, says Song Seng Wun, regional economist at CIMB-GK Research in Singapore. "They all face the downturn with a few more bullets in their pocket than they had in the past," he says. The high growth rates of the past several years provide an additional buffer. With the exception of slow-growing Japan, which may already be in a recession, Asian countries will likely account...
...knew this was bad news," says Song Seng Wun, regional economist at CIMB-GK Research in Singapore, who like other market-watchers believes some sort of bailout plan will get through. Unlike U.S. taxpayers, market actors in Asia aren't overly concerned about details like limiting golden parachutes extended to disgraced CEOs of bankrupt financial companies, or whether the U.S. government gets enough equity for their investment. "They just want something to be passed," notes Kowalcyzk...
Hyflux is now a $270 million company, and Lum's biggest challenge will be to sustain its rapid growth. "There are further good years ahead," says Kerryn Tay, an analyst at GK Goh Research in Singapore, pointing to growing demand for Hyflux's products in China and government support at home. For her part, the hardworking Lum wants Hyflux to be worth $3 billion within five years. Grandma would approve. --By Jake Lloyd-Smith