Asia Pacific
Postcards
Hong Kong New
It was a marathon debate that lasted 41 hours. In the end, Hong Kong’s lawmakers passed into history the city’s first ever minimum wage bill, a law that will be brought into effect next year. But already the city’s trade union activists are celebrating.
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Monthly Economic Reviews
Asia Pacific New
The Asian Development Bank (ADB) raised its 2010 forecast for Developing Asia from 7.5% to 7.9%, stating that strong exports, rising domestic consumption and stimulus initiatives in various countries could take the region’s growth trajectory higher.
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Country Profiles
South Korea Updated
The global economic recession that began in 2007 with the collapse of Lehmann Brothers struck down South Korea’s burgeoning economy. Its key automotive industry suffered as customers in the U.S. and Europe cut back on buying and spending.
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Philippines Updated
Economic upheaval: During the recent global recession, the Philippines found that its export industry was hard hit, and remittances also fell, as overseas Filipinos felt the pinch of the economic downturn. Faced with the challenges of declining external demand, the economy of the Philippines grew just 0.9% in 2009.
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Indonesia Updated
The global recession that devastated economies worldwide did not wreak as much havoc in Indonesia. The country still grew at a healthy rate of 4.5% annually in 2009, making Indonesia one of the fastest growing economies in the G20 League of Nations.
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India Updated
In the world’s eyes now, India is an emerging economic power which has reaped the benefits of globalization more than most other countries. A stable democracy where the rule of law is respected, India has become one of the most favored destinations for global investment capital.
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Malaysia Updated
As an export-dependent nation, Malaysia was severely affected by the global recession in the aftermath of the financial crisis of 2008. The Malaysian economy contracted 1.7% in 2009 amid the slump in the export sector.
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China Updated
The world financial crisis of 2008 pulled China’s meteoric GDP down considerably. As the financial world imploded, China found that its export-oriented model would come under severe duress. This prompted a nervous government to introduce one of the largest stimulus programs ever in order to guide China through 2009 and 2010.
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