Word: indonesia
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...about: look past Japan to the rest of East Asia. During the early and mid-1990s, tigers like South Korea, Singapore, Taiwan and Hong Kong, plus the fast-growing cubs of Indonesia, Thailand, Malaysia and the Philippines, posted some of the best growth rates in the world. The "Asian miracle" drew capital even from banks and factory owners in the U.S. hinterlands. Then came the financial crisis of 1997, and the story turned sour. But after a recent reporting trip through Asia, I'm convinced the region can once again be a beacon of growth...
...picture has changed. In some interesting recent research, the Asian-economics team at HSBC has found that domestic consumption is running ahead of exports as a source of growth in South Korea, Indonesia, Malaysia, the Philippines and Thailand. In Taiwan, HSBC estimates, private-consumption expenditure, which grew just 1.4% last year, will post a more respectable 3.8% growth in 2002. Moreover, construction is booming in Thailand and South Korea. Some countries - notably South Korea, whose forecast growth of more than 6% this year makes it the region's star - have introduced tax reforms to encourage consumer spending, and others...
MALAYSIA Antiterror Pact The leaders of Indonesia, Malaysia and the Philippines signed a cooperation agreement to combat terrorism and target Islamic fundamentalists who they say threaten all three states. The accord allows for combined antiterrorism operations and the sharing of information, including airline passenger lists...
...INDONESIA Hit Men A judge handed down life sentences to two men allegedly hired by former President Suharto's son Tommy to assassinate a Supreme Court judge, Syafiuddin Kartasasmita, in July 2001. Tommy Suharto is separately accused of masterminding the murder and could receive the death penalty if convicted...
Person of the Week BIRTH OF A NATION It took years of struggle in the jungle and many more as a political prisoner in Indonesia, but East Timor's favorite son finally reached the presidency after an overwhelming victory at the polls. Now Xanana Gusmão faces his most difficult task: building a country from scratch...