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Southeast asia's solid economic growth rides over global woes by 123wert sdfsf
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Southeast asia's solid economic growth rides over global woes |
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Business,Business News,Business Opportunities
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JAKARTA - Southeast Asia is showing stronger signs of resilience toglobal turbulence than the rest of Asia as buoyant domesticspending offsets struggling exports, while low debt levels givegovernments more room than their cash-strapped counterparts in theWest to deliver stimulus. On Thursday, the Philippines became the latest economy in theregion to post impressive first-quarter numbers, growing at itsstrongest in two years at 2.5 per cent in January-March, althoughsome analysts questioned whether the pace can be maintained asEurope's debt crisis rages. The region of about 600 million people, rich in natural resources,is benefiting from a commodity boom, greater foreign investment andincreased trade with China that have lifted consumer spending by arapidly expanding middle class. "Stronger-than-expected (regional) growth numbers have been largelydriven by strong domestic demand," said Gundy Cahyadi, an economistat Oversea-Chinese Banking Corp in Singapore."Private consumptiongrowth has been quite resilient." Indonesia's economy, the largest in the region, grew 6.3 per centin the first quarter from a year earlier, enviable by Westernstandards although its slowest pace in six quarters. At the same time, foreign direct investment surged 30 per cent asJakarta regained coveted investment grade credit status.
Optimism on growth was shared by the regional head of USconglomerate General Electric Co., particularly for Indonesia andVietnam, as well as fast-changing Myanmar. "Countries like Indonesia, the Philippines, Thailand, Malaysia,they continue to invest heavily in infrastructure to meet demandsof people and investors, so we're growing at double-digit ratesthere," said Stuart Dean, chief executive of GE operations in theAssociation of South East Asian Nations. He said in an interview in Bangkok on Thursday that GE saw ruralhealth care as a big initiative and was keen to capitalise onMyanmar's emergence from decades of isolation and the suspension ofmany US sancions. Central banks cut rates, governments boost spending To be sure, Southeast Asia's combined US$1.5 trillion economy isstill likely to slow this year as China's cooling economy andEurope's crisis dampen export demand, although the investmentpicture for the region may hinge on how long global financialmarkets remain volatile.
A pullback from emerging markets hammered Indonesia's rupiah thisweek, taking its losses to 5 per cent in 2012, but other regionalcurrencies have held up better and its stock markets are all stillin the black for the year. "We haven't really seen any sign of contagion yet ... the recentoutflows of investment from this region were not really big," saidRahul Bajoria, economist at Barclays in Singapore. "They (foreign investors) want to stay engaged ..
If we get acredible plan from Europe on containing the crisis we will probablysee a much more positive response in capital markets acrossSoutheast Asia.". I am an expert from Other Kitchenware, usually analyzes all kind of industries situation, such as crystal load capacitance , multilayer pcb design.
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