Re: Falling GDPs of Tigers
From the : The Nihon Keizai Shimbun Wednesday morning edition
GDP Figures Indicate Asian Economies May Decline Further
BANGKOK (Nikkei)-The Asian economic crisis is continuing to worsen, with the recession becoming increasingly serious in Thailand, South Korea and Indonesia, government reports show. The reports found that even Singapore, China and Taiwan are not enjoying the robust economic growth they did in the past.
Thailand's Finance Ministry reported the country's gross domestic product declined 7.5% in the January-March quarter.
South Korea saw GDP contract 3.8% during the same three-month period, while Malaysia recorded a 1.8% fall and Hong Kong saw a 2.0% drop.
The negative figures indicate that in addition to Thailand, Korea and
Indonesia, which sought help from the International Monetary Fund, the
economies of Malaysia and Hong Kong may also be heading for recession.
Exports, which were expected to contribute to economic growth in Asia
and make up for weak domestic demand, are also flagging.
Thailand's January-March exports in dollar terms fell 3% from the same
quarter a year earlier. Though exports to North America and Europe
increased because of the baht's weakness, exports within Southeast
Asia fell 22%, and those to Japan dropped 15%. |
