I’m beginning to sound like a broken record, but the bad news keeps coming on the economies in the region. As the Financial Times just put it, “The Asian Financial Crisis Deepens.” Thus far, the deteriorating economic performance has not appeared to flow through to the financial sector, but it now seems that the banks acr
This is the first blog entry of what I hope to be regular updates from the financial sector and related areas across the East Asia and Pacific region. So, let’s see how the New Year began in Asia.
Unfortunately, the bad news keeps coming on the economies in the region in terms of exports and industrial output. Exports and industrial production fell 6.2 percent in Malaysia in November and exports from Thailand fell 18 percent in November. Surveys of consumer confidence, business sentiment, and manufacturers across the region have all shown significant declines.
|Image credit: simonpocock at Flickr under a Creative Commons license.|
I have been in China for the past few weeks supporting the country team to appraise a package of support to China for recovery efforts following the May 12, 2008 Wenchuan Earthquake. One colleague participated in the recent Global Facility for Disaster Reduction and Recovery Consultative Group meetings in Copenhagen, Denmark and is now in Jakarta, Indonesia working with field staff, the country’s government, and partners on mainstreaming risk reduction into development programs. Another colleague of mine just returned from the Philippines and Vietnam, where she was stranded by flooding in Hanoi. In fact, she had to wade through knee-deep water when leaving a meeting at the Ministry of Finance. Of course, this represents just part of the team, since we work with a broader network of staff based in country offices who manage country-level programs and projects.
You are familiar, I believe, with the authoritarian objection to a free, plural and independent media system. Authoritarian leaders always say: at this stage in the development of our country we cannot afford a free press. Too dangerous, you understand, too disruptive. Let's secure national unity first, let's get rid of poverty, let's be as rich as the West, then we can talk about a free press. Or they deploy the cultural norms argument. This is Asia, they might say, and Asian values do not support imported notions like a free press, free speech and such nonsense. Others will say: this is Africa; we have to do what makes sense in Africa. A free press causes nothing but trouble. We can't afford that now.
Well, you can imagine my reaction when I read the following story in the New York Times of Thursday November 6: 'Malay Blogger Fights a System He Perfected'.
BusinessWeek reports that an annual study by one of Europe's top business schools indicates that Asian economies are overtaking the U.S. and Northern Europe to become the most competitive in the world.