Word: growth
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...generated on its own. Eager to raise living standards in their own countries, Asian policymakers and businessmen to varying degrees adopted the same fast-track formula. The economies of South Korea, Taiwan, Hong Kong and Singapore did so with such success they became known as the Asian tigers. Their growth model produced miracles - and as Park said in a 1965 speech, exports were "the economic lifeline...
...nations are proving to be extremely vulnerable to a synchronized global slowdown. Among the tigers, overseas trade is shrinking with frightening speed: Taiwan's exports in January plunged 44% from the same month a year earlier, while Singapore's fell 35% and South Korea's 33%. 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, the worst quarter on record. South Korea's GDP shrunk 3.4% in the fourth quarter, Singapore's fell 3.7% and Hong Kong's dipped 2.5%. Eric Fishwick, head of economic...
...problem with the tiger economies is that, four decades on, the spirit of Park Chung Hee is alive and well. While the mix of products may have changed from sneakers and stuffed toys to microchips and flat-panel TVs, the tigers remain heavily reliant upon exports to power growth. And like any addict, they're now experiencing the pain of rapid withdrawal as factories close and millions of workers across the region lose their jobs. Homelessness is on the rise in South Korea's capital, Seoul, where at 2 a.m. each night the city's largest train station becomes...
...That panic is felt by politicians and policymakers, who have slashed interest rates and hiked fiscal spending in an attempt to stimulate growth. In January, Taiwan's government doled out $2.6 billion in spending vouchers - or about $100 a person - to encourage consumers to splash out. The administration of President Ma Ying-jeou is also pushing a $14.7 billion program of infrastructure projects through the legislature, which includes funding for construction of better bridges and more subways. Singapore in January announced a $13.4 billion "Resilience Package" that will increase the country's budget deficit to a record level. Yet there...
...stop the later phases of the project. The university has fought a constant struggle with the Allston community over the details of the expansion across the river. But now, at this point in the construction, a chorus of residents finally agrees that the continuation of Harvard’s growth across the river is in residents’ best interest. We encourage both sides to see this as a new common ground for the furthering of the Allston project. If the university fails to recognize and capitalize on this newfound enthusiasm for construction, it will surrender an opportunity for goodwill...