Word: globalizing
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...This year, outlandish costumes won't be necessary to unite the group when they meet Nov. 12-13 in Singapore. The global financial crisis has already done it for them. As Asia searches for a new growth engine to replace the economically sputtering U.S., and as the U.S. looks increasingly to Asia for consumers to sell to and governments to borrow from, the question hovering over the summit is, Can the leaders of the world's fastest-growing region find a new economic model that works for both East and West? (See pictures of the global financial crisis...
...declined to 30% of the regional total in 2008, down from nearly 40% in 1998. Over the same period, intraregional exports as a share of total exports in emerging Asia rose to 54% from 46%. "Intra-Asian trade flows are the fastest growing in the world," says Lawrence Webb, global head of trade and supply chain at HSBC. This trend has accelerated since the financial crisis. HSBC predicts that trade among Asian countries will grow at an annual average rate of 12.2% until 2020. The region's trade with the U.S. is projected to grow 7.3% annually over the same...
...There are other reasons Asia may not be ready. One of the central goals of an Asian bloc would be to make it easier for China to buy a greater proportion of the region's output as the U.S. fades as an engine of global consumption and growth. But, while China's per capita GDP now stands at about $3,200, up nearly fourfold since 1997, it's still a far cry from U.S. per capita GDP of about $46,000. Moreover, conservative Chinese financial habits are deeply ingrained and driven by the need for "precautionary savings" for medical care...
...future, statistics for Africa (if treated as one entity) are remarkably similar. For example, the African economy has been experiencing similar growth rates to India's of 6% to 7% over the past decade, and will likely see 3% to 4% growth in 2009 - impressive in the current global environment. GDP per capita in Africa is similar to that of India and, like India, the population in Africa is growing and will be similar in size to China's population in several decades...
...infrastructure summits, including the readiness of the provinces," says SBY. "But this time around we are much better prepared." A concerted construction campaign will be needed if Indonesia is to reach SBY's ambitious 7%-plus growth targets. Southeast Asia's largest economy escaped the worst of the global financial crisis in part because its economy was girded by domestic demand, not an export-oriented strategy. Miles of new roads and sea links to better connect this far-flung archipelago will fire that internal growth engine. Otherwise, Indonesia's economy could slow to a crawl - and few commuters in Jakarta...