In 1980, the English pop band The Vapours had a hit with their song Turning Japanese. Against a background of a simplevaguely Oriental guitar riff, the repetitive chorus intoned: I am turning Japanese I think I am turning Japanese I really think so. In the course of an interview, songwriter David Fenton explained that the song concerned the clichés about angst and youth and […]
Recently, the BRICS nations met in South Africa. Due to severe debt crises in the advanced nations, the growth prospects in these economies are no longer immune to the turmoil in the West. Among the emerging economies, the Philippines is best-placed for an upgrade. It is favorably positioned to sustain growth in an exceptionally grim […]
China is the world’s largest coal producer and consumer and currently accounts for about half of the global coal consumption. The U.S. Energy Information Agency noted in its 2012 country analysis brief on China, “Coal supplied the vast majority (70 percent) of China’s total energy consumption of 90 quadrillion British thermal units (Btu) in 2009,” […]
In Indonesia to speak at the NYSE, Nouriel noted Indonesia’s continuing strong performance among emerging markets. In the two years since Nouriel loudly advocated Indonesia’s status as a major EM, Russia has indeed suffered numerous macro and political setbacks, while Indonesia has continued a process of solid fiscal and macro policy, for laudable growth. The […]
This blog post should have been made on Monday morning. Since then, Indonesia released its 2011 and 4Q2011 GDP growth figures. In an eerie similarity to Chinese data and analysts’ ability to get the numbers down to the second decimal place, Indonesian GDP growth figures matched analysts’ expectations with a remarkable degree of precision. Other […]
Economy is no longer a business of economists alone. Both the prime minister and the opposition leader have offered contrasting views about the state of the economy. Amidst much confusion it is imperative to know which way the economy is headed. There is no denying that the economy faces some short-term challenges — persistent double-digit […]
This article on the decline of “the China Price” in the Economist has gotten a bit of attention recently. The article prominently features Bruce Rockowitz of Li & Feng, one of the largest global sourcing firm, whose ideas I think are worth treating a bit skeptically. For 30 years manufacturers in China helped to keep […]
The Philippines’ export recovery barreled on through 2010 on the back of strong demand for electronics, helping to shrink the trade deficit to US$3.3 billion. Through 2010, electronics remained the top import and export by value, comprising 34.6% of total imports and 59.89% of total exports. The devastating 8.9 magnitude earthquake and tsunami that struck Northeastern Japan […]
Continuing my travels through Asia for the launch of our October 2010 Regional Economic Outlook: Asia and Pacific, I am writing to you today from Singapore. In my last post, I focused on the near-term outlook and challenges for Asia. Today, I turn to the key medium-term challenge—the need to rebalance economies in the region away from heavy reliance on exports by strengthening domestic sources of growth. This is against a backdrop of the need to rebalance global growth that was emphasized over the weekend by the ministers of the Group of Twenty industrialized and emerging market countries.
Capital controls are back in fashion. In June 2010, South Korea and Indonesia announced several policy measures to regulate potentially destabilising capital flows, which could pose a threat to their economies and financial systems.