Brutal contraction is likely to continue next year. Hope still beckons: lower interest rates world-wide and relief from crushing debts in region

Article Abstract:

A number of economic observers believe that Asia's economic troubles are bound to continue in the short term, with the most likely solution the planned world-wide debt relief and lowering of interest rates. A number of Asian countries are expected to post only an average GDP growth of 1.2% for 1999, after posting an average GDP contraction of 8% for 1998. Only China and Taiwan are expected to post positive growths, 7.5% and 4.4% respectively. The reluctance of creditors to provide debt relief, especially European and Japanese banks, is due to their high exposure to the region. But the planned global decrease in interest rates is bound to help somewhat in the recovery efforts.

Financial management

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Hopes for a regional recovery ride on the consumer: some economists say producer-friendly system will have to shift from reliance on exports

Article Abstract:

Asian governments and businesses need to revamp their policies to realize consumer empowerment. Asian economic structures have always favored producers over consumers, with Asian economies focusing on export trade rather than on the potential of domestic trade. Both of these have led not only to the misallocation but also to the misuse of vital resources. More consumer power, however, could not only change these but may also be the key to eventually lead Asia out of the crisis.

Forecasts, trends, outlooks, Methods, Recessions, Consumers

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