Word: recordability
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...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 research at brokerage CLSA in Hong Kong, predicts these dismal numbers will persist. He sees Singapore's GDP contracting 10% this year, while South Korea...
...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 is a 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...
...been dashed, and the scheme is unraveling. Debt-ridden, house-poor and increasingly unemployed, U.S. shoppers are cutting back. Consumer spending in the U.S. dropped at an annual rate of more than 3% in both the third and fourth quarters of 2008 - the steepest consecutive quarterly declines on record. As incomes shrink and America adopts a more frugal mind-set, some economists do not expect shoppers to return to free-spending ways for years - or perhaps generations. Economist Stephen Roach, chairman of Morgan Stanley Asia, says that "there is good reason to believe the capitulation of the American consumer...
...Babbington, N.Y., think Peter did. Turns out he did cross the country, but strictly speaking, he never quite got off the ground. More than 40 years later, conscience-stricken by the effect his legend has had on the town, Peter goes about writing a memoir to set the record straight...
...with a full orchestra. It kept coming up over the years, and at the time, I didn't have the resources to do the full thing live. It seems like the songs are fresh now because they weren't performed very much, whereas most of my other records were done live a lot. And I don't own the original record; that's one reason. There are many, many more...