If you are a visual learner like me, or you just happen to like nifty animated maps, a site called SHOW World may be worth spending an afternoon coffee/tea break or two to check out. Similar to the popular WorldMapper collection, this site displays a lot of data from a number of sources (including, apparently, the World Bank) in map form. On an Excel spreadsheet, the information would just look like numbers or a boring old graph.
Well, the bad news continues across the East Asia and Pacific region. The Financial Times just ran a long article on the "speed and ferocity of the region's economic downturn." The piece highlighted that the fast downturn was a result of Asia's over-reliance on export-led growth over the past decade. This follows the IMF's slashed growth forecasts for the large East Asian economies. It projected only 5.5 percent growth across developing Asia for 2009, which sounds great for most economies these days, but it is way off of the 7.8 percent posted last year.
The IMF is expecting only 6.7 percent growth in China, which is 1.8 percent less than what they forecast only in October. This contrasts sharply with the view of the World Bank's Chief Economist, Justin Lin, who just two weeks ago said he thought China could achieve the target rate of growth – 8 percent – this year because of fiscal stimulus spending.
Lately, I’ve noticed several bloggers and news sites have picked up on an interesting trend migration trend that many have dubbed "reverse brain drain" – the return of skilled immigrants to their home countries. With rising unemployment and an often-difficult U.S. immigration process, the notion of looking back at home for work has reportedly appealed to foreign nationals working in the United States for technology, finance and other industries.
World Bank economist Sonia Plaza writes on the People Move blog about the shift in terminology over the years caused by new trends.
Here’s a website that might pique your interest, even if you don’t plan on becoming the next T. Boone Pickens – a wealthy American businessman who is investing millions of his own dollars in wind energy. A site called FirstLook has a Google Maps mashup overlaying years of meteorological wind data onto an interactive map.
They’ve recently expanded their wind data to cover the entire planet, making it a really easy tool to see potential spots for future wind farms in Mongolia (pretty good) versus Indonesia (not so good). The website sells detailed site location information, which is intended for entrepreneurs looking to get in on the ground floor of alternative energy investments. Still, I think the free wind speed data is interesting by itself.
The FirstLook site also has a section to look at an area’s solar satellite data, but it unfortunately only covers the places in the United States.
When it comes to climate change, many believe the world's poorest people in developing countries will be affected the worst. A "micro-documentary" contest hosted by the World Bank's Social Development Department challenged filmmakers from around the world to highlight the social aspects of climate change.
Several of the contest entries focused on countries and peoples in the East Asia and Pacific, including the third-place film about one of the last remaining peat swamp forests in Aceh, Indonesia.
After the jump, watch another film depicting the climate crisis in the Pacific Island nation of Kiribati.
|Chinese Premier Wen Jiabao as optimistically predicted his country’s growth in 2009. Image credit: worldeconomicforum at Flickr under a Creative Commons license.|
A story that stuck out at me came from the New York Times, which quoted Wen Jiabao, the Chinese premier, as optimistically predicting the country’s growth in 2009 at 8 percent. That’s pretty optimistic compared to many other economist predictions – some as low as 4 percent or less for the year.
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 across the region can not avo
Unfortunately, we start this roundup as we did the last – with more economic bad news. Exports dropped 2.8 percent and imports declined 21 percent in China on annualized basis in December. Also, China reported the first slowdown in growth of its foreign reserves since 1998, although reserves still rose by $45 billion in the fourth quarter of last year to about $1.95 trillion. Debate is also now swirling about rate of China’s economic growth for 2009, and even the central bank governor now is publicly setting expectations that the target rate of 8 percent may not be achievable.
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.