Word: growth
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Overall economic growth is following suit. In the fourth quarter of 2008, Taiwan's GDP contracted 8.4% from the same period a year earlier, making it the worst quarter on record. South Korea's GDP shrank 3.4%, Singapore's fell 4.2%, and Hong Kong's dipped 2.5%. Eric Fishwick, head of economic research at the brokerage CLSA in Hong Kong, predicts the dismal numbers will persist. He expects GDP in Taiwan and Singapore to contract at double-digit rates this year. "We've never seen an external shock in Asia like this," says Fishwick...
...some ways, Asia's growth model came to resemble a vast Ponzi scheme--one precariously perched on expectations that debt-soaked Americans would buy more TVs, computers and cars forever. Those expectations have been dashed, leaving the tigers with excess manufacturing capacity and a burgeoning army of unemployed workers. At Taiwan's Hsinchu Science and Industrial Park, home to many of the island's flagship tech firms, most workers are taking unpaid leave at least one day a week. Ryan Wu, chief operating officer of the job-search website 1111 Job Bank, says conditions at Hsinchu have never been...
...American consumer has only just begun," said economist Stephen Roach, chairman of Morgan Stanley Asia. Ajay Chhibber, director of the Asia bureau at the United Nations Development Program in New York City, says the tigers can't expect to weather this recession by temporarily increasing government spending to boost growth until Western export markets recover. "The model where you stimulate and [then] go back to the old days is gone," he says...
...Jawad’s remarks come as President Barack Obama’s nascent administration has signalled an intention to increase its focus on the nation. The ambassador outlined a series of steps he hoped the Afghan government could implement with U.S. support, including more troops, fighting narcotics growth, and starting negotiations with the Taliban, the terrorist organization that ran Afghanistan prior to the U.S. invasion. Jawad also said Afghanistan needed better trained and equipped armed forces to maintain domestic order, though he expressed concerns that funding for military training could end up aiding warlords and narco-traffickers...
...primary exports of developing countries. “Development assistance” too often means developing economies must submit to rules that prohibit or hinder investment in their own infrastructure and people—the kind of investment responsible for the United States’s own miraculous growth in the 19th century. The national interests of developed countries have shaped the playing field from the start...