Word: seconder
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...recent ASEAN summit, "The old growth model where, simply put, we have still to rely on consumption in the West for goods and services produced here, we feel will no longer serve us." This is especially true because China, which is poised to overtake Japan as the world's second largest economy, is an increasingly important trading partner for countries such as Japan, South Korea and Indonesia. "Asian firms would do better to reorient their exports and production towards meeting the demand of Chinese consumers," says Kit Wei Zheng, a Singapore-based economist with Citigroup. "Firms that refuse to change...
...though, the street vendors have added another item to their eclectic wares: posters of the country's recently re-elected President Susilo Bambang Yudhoyono. The hawking of new merchandise in some of the world's worst gridlock is a fitting metaphor for a country that hopes to add a second I to the so-called BRIC emerging economies of Brazil, Russia, India and China. Just as SBY's second five-year term will draw to a close in 2014 - by which time he has vowed at least 7% economic growth, up from the 4.5% estimated for this year - urban planners...
...first term, SBY's Democratic Party held just 7% of seats in parliament, and he had to stud his Cabinet with political appointees to ensure legislative support. Today, the Democrats control more than a quarter of parliamentary seats. Yet instead of increasing the number of technocrats in his second-term team, SBY doled out just as many party favors this time around, with more than half of Cabinet members political appointees. "There were high expectations that with the President's significant victory he had the mandate to choose better qualified and younger candidates for his Cabinet than last time...
...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 will be willing to spend their rupiah on posters of their smiling second-term President...
...past 14 months have made predictions of impending economic doom seem a lot more credible than they used to. When Faber forecasts not only a worthless dollar but also a "collapse of our capitalistic system as we know it today," it's impossible to dismiss him out of hand. Second, the data point that has dollar worriers most alarmed - burgeoning U.S.-government debt - is for real. Finally, the global monetary setup we've had since the early 1970s (one with the dollar at its center) is looking rickety. Something has to give. (See pictures of the global financial crisis...