1 east asian economy: southeast asian economy and comparison * some parts of this note are borrowed...
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East Asian Economy: Southeast Asian Economy and Comparison* Some parts of this note are borrowed from the references for teaching purpose only.
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East Asian Economy <Lecture Note 4> 2013.10.17
Semester: Fall 2013 Time: Thursday 2:00-5:00 pm Professor: Yoo Soo Hong Classroom: 423 Mobile: 010-4001-8060 E-mail: [email protected] Home P.: http://yoosoohong.weebly.com
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Geography, History and Culture
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South East Asia
ASEAN Member Countries
Brunei Darus-salam
Philippines
Indonesia
Singapore
Malaysia Cambodia
Viet NamThailand
Lao PDR
Myanmar
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ASEAN Basic Data
• Total population : 497.56 million
• Total GDP : US$ 737.48 billion
• Total trade: US$ 720 billion
• Total area : 4,495,493 sq.km
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Southeast Asia
Background (Cultural)
– Southeast Asia is a land of large and small peninsulas and islands.
– The region is a cultural and political mosaic of diverse peoples and lands.
– Influence of India and China on the historical development of the region
– Buddhism strongly entrenched in Burma, Thailand, Cambodia, Laos, Vietnam.
– Hindu cosmology and beliefs influential in the region
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- Overseas Chinese are major entrepreneurs in large urban areas.
- Thai people pushed out of southern China in 13th.
- Only Thailand (Siam) has never been colonized by the West.
- Thai monarchy practiced skillful diplomacy to preserve their independence.
- Vietnam occasionally was ruled by China influence of colonialism
- Most states under colonial rule from 19th to 20th C, i.e. UK (Myanmar, Singapore and Malaysia); France (Cambodia, Vietnam and Laos); Netherland (Indonesia); US (Philippines)
Overseas Chinese factor
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Population- Southeast Asia has a large, expanding population- In 1965, combined population of all countries was 250 million; by 1993 it in-
creased to 400 million; and by 2025 it is expected to rise to 550 million.- Most countries growing at 2% per year; Thailand and the Philippines growing
at 3%; Cambodia and Laos have rates close to 1% reflecting ravages or war.- Urbanization increasing in all countries though Cambodia, Laos and Vietnam
still have less than 20% living in urban areas.- Indonesia and Thailand have 30% of their populations in urban areas- Philippines just over 40%; Malaysia 50%- 100% of the population in Singapore live in the city.- Most Southeast Asian states have a high percentage of their people living in a
primate city, i.e. Bangkok, Thailand; Manila, Philippines, Phnom Penh, Cambo-dia, etc.
- Migrations from rural areas to cities have strained governmental budgets, made it difficult to provide adequate services.
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Southeast Asia: Initial Conditions
Resource-Rich Countries
Colonial Experience Under European Countries
Indonesia Oil, Tin, Natural Gas, Timber, Coal, Nickel, Fertile Land
Malaysia Oil, Tin, Natural Gas, Timber, Copper
Thailand Tin, Rubber, Natural Gas, Tungsten, Timber, Lead
Indonesia Independence from the Netherlands in 1945
Malaysia Malaya’s Independence from the Britain in 1957
Philippines Under Spain until 1898 and Japan until 1945
Singapore Independence from the Britain in 1959
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Diversity of Ethnic Groups and Religions
IndonesiaJava 45%, Sundan 14%, Malaya 7.5% Moslem 88%, Protestant 5%, Catholic3%
MalaysiaMalaya and Native 58%, Chinese 24%, Indian 8% Moslem 53%, Hindus 7%, Buddhist 17%, Catholic 6%, Chinese traditional religion 12%
PhilippinesCatholic Malaya 91.5%, Moslem Malaya 4%, Chinese emigrants 1.5%Catholic 83%
SingaporeMalaya 15%, Indian 6%, Chinese 77% Buddhist 26.7%, Hindus 26.7%, Taoist 29.3%, Islam 16.3%, Catholic 10.3%
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Economic Growth and Status
ASEAN6 GDP Growth 1990-2011
Source: Chia, S. 2013. p.8. 12
CLMV GDP Growth 1990-2011
Source: Chia, S. 2013. p.9. 13
Southeast Asia: Development Process
Industrialization
-Later than the North
Early liberalization and market-friendly -Some of South East Asian countries tried to nurture indigenous industries but it did not work out well. -Therefore, in most cases, industrialization of South East Asian countries has been achieved by attracting FDI.
They pursued early liberalization.
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South East Asian Model
Singapore Malaysia
Import-substitution during 1959-1965
Industrialization with Export-promotion with
the 1965 split with Malaysia Strong government intervention to attract
FDI
Until the economic recession in 1985
• the late 1950s: Industrialization with Import-substitution
• the late 1960s: Industrialization with Export-promotion
• the 1970s: Establishment of Export-processing areas led by MNCs
• the 1980s: Import-substitution with increased GOV’T intervention
• during 1985-1986: Loosened regulation and Repeal of control while going through economic recession
In a case of Singapore, they pursued import-substitution during 1959-1965, but with the 1965 split with Malaysia they focused on promoting exports, which was led by MNCs.
Malaysia also promoted MNCs activities from the early stage: in the 1970s establishment of export-processing area led by MNCs
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Thailand
• Industrialization since the 1960s but higher portion of agricultural sector until 1980
Import-substitution until 1971 Government preferred liberalization and
market economy
• Export-oriented industrialization until now
• Too rapid increase of population: 1.7 million in 1947/ 2.6 million in 1960 / 5.0 million in 1980
• MNC-led industrialization
Stabilizing economy by controlling inflation during 1966-1970Building infrastructure
Strong government intervention in finance, heavy industry, tariff barrier, and developing their own industry
Dramatic decrease in oil price during 1985-1986
Currency depreciation Repeal of financial support Committing customs services to Swiss
company (SGS) in 1985 Duty drawback system in 1986 liberalization of foreign investments in
1986Reducing tariff barrier
Indonesia
South East Asian Model (cont.)
Thailand government preferred liberalization and market economy since the 1970s, and the government tried to lead the export-oriented industrialization with their own strength, but they couldn’t. One of major factors was too rapid increase of population. So MNCs led industrializa-tion.
Indonesia government strongly tried to strengthen their own industries, intervening finance, heavy industry and tar-iff barrier. But facing dramatic decrease in oil price during 1985-1986, the government took more market-friendly measures.
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Economic Development
– Several Southeast Asian economies have made substantial economic progress since the1960s.
– Thailand, Malaysia, Singapore, Indonesia and Philippines have good economic growth rates with rising incomes.
– Cambodia, Laos, Burma (Myanmar), Vietnam have lagged behind the rest of the countries of the region.
– Recently Vietnam opening the country up to market forces, foreign in-vestment, development of a thriving business community.
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Economic and Social Development in Southeast Asia
Southeast Asia has been one of the world’s most dynamic and fastest growing regions in recent decades. (1990-2007)
- GDP growth 5.5% (the world: 2.9%)
In 2007, the region’s average per capita income was estimated at $4,020.3 (at 2000 constant prices), slightly higher than developing Asia. High levels of investment in physical and human capital, pragmatic trade and industrial policies, a vibrant external sector and, especially af-ter the 1997/98 Asian financial crisis, structural reforms supported this favorable economic performance. The crisis sparked a wave of reces-sion in many directly affected economies, but this was short lived and recovery was swift.
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The region still faces the daunting task of eradicating income and non-income poverty.
- Rapid economic growth and structural transformation has helped lift
millions of Southeast Asians out of extreme poverty. During 1990- 2005, poverty incidence in Indonesia declined by 32.8, Philippines by 7.0, Thailand by 9.0, and Viet Nam by11.4 percentage points.
- But as of 2005, about 93 million(18.8%) Southeast Asians still lived be-low the $1.25-a-day poverty line, and 221 million (44.6%) below the $2-a-day poverty line. Although most Southeast Asian countries are on their way to achieving the income Millennium Development Goals (MDG) by 2015, many face great challenges in achieving the non-in-come MDGs.
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Selected Economic and Social Indicators
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Main Indicators
Country
Population
(thousand)
CountryGDP(US$ mil.)
CountryGDP per Capita (US$)
Country
Total Trade(US$ mil.)
1. Indonesia 234,181 1. Indonesia 708,032 1.Singapore 43,929 1. Singapore 699,273
2. Vietnam 86,930 2. Thailand 318,709 2. Brunei 28,830 2. Thailand 377,719
3. Thailand 67,312 3. Malaysia 238,849 3. Malaysia 8,262 3. Malaysia 364,531
4. Philippines 60,163 4. Singapore 223,015 4. Thailand 4,735 4. Indonesia 293,442
5. Myanmar 60,163 5. Philippines 189,326 5. Philippines 3,149 5. Vietnam 156,993
6. Malaysia 28,909 6. Vietnam 107,650 6. Indonesia 3,023 6. Philippines 109,660
7. Cambodia 15,269 7. Myanmar 35,646 7. Vietnam 1,238 7. Brunei 11,952
8. Laos 6,230 8. Brunei 11,952 8. Laos 1,045 8. Myanmar 11,798
9. Singapore 5,077 9. Cambodia 11,168 9. Cambodia 731 9. Cambodia 10,480
10. Brunei 415 10. Laos 6,508 10. Myanmar 592 10. Laos 6,938
Source : ASEAN Secretariat, 2010
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GDP Growth Comparison: Actual and Forecast
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Source: OECD
Poverty Estimates in Southeast Asia
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Output per worker, 2008 (constant 2009 US$)
0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000
Cambodia
Viet Nam
Indonesia
Philippines
ASEAN
Thailand
Malaysia
Singapore
Note: Labor productivity is not the same as wage. Source: Conference Board and Groningen Growth and Development Centre Total Economy Database, January 2010.
Disparity in Productivity
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Land Use
Increasing demand for food and industrial crops in recent years has led to intensification of agricultural production, generating considerable en-vironmental pressure.
- Growing population, rising incomes, and changing consumption pat-terns have boosted demand for food and industrial crops from within and outside the region, and to rising food prices on a global scale.
- In response, the region has intensified production of grains, animal feed, and industrial crops.
Rising agriculture production puts considerable pressure on water re-sources already under stress from high population and economic growth.
- Many parts of the region have been experiencing increasing
water stress, including water shortages and deterioration of water
quality due to rapid population and economic growth and climate
change.
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International Competitiveness, Trade and FDI
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Export Performance Compared
Trade Performance
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Closer Integration in ASEAN and East Asia
Average tariff rate under AFTA, %Share of intra-regional trade (percentage of total trade)
Source: SAEO 2010
FDI
Country
FDI inflow (ml.
US$)
Country
Change in FDI inflow
(%)
Country
Tourist Arrival
(thousand)
Country
Change in
tourist arrival
(%)
1.Singapore 35,520 1. Malaysia 525.8 1. Malaysia 24,577 1. Vietnam 33.9
2. Indonesia 12,737 2. Indonesia 161.2 2. Thailand 15,936 2. Laos 25.1
3. Malaysia 8,643 3. Singapore 132.5 3. Singapore 10,511 3. Cambodia 16.0
4. Vietnam 8,000 4. Brunei 70.3 4. Vietnam 5,050 4. Thailand 12.6
5. Thailand 5,778 5. Cambodia 45.2 5. Vietnam 4,735 5. Indonesia 10.7
6. Philippines 1,713 6. Thailand 16.1 6. Philippines 3,292 6. Philippines 9.1
7. Cambodia 783 7. Vietnam 5.3 7. Laos 2,513 7. Singapore 8.6
8. Brunei 629 8. Laos (12.5) 8. Cambodia 2,508 8. Malaysia 3.9
9. Myanmar 579 9. Philippines (12.7) 9. Myanmar 792 9. Myanmar 3.8
10. Laos 279 10. Myanmar (40.7) 10. Brunei 112 10. Brunei (29.2)
Source : ASEAN Secretariat, 2010
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Division of Labor: Parts Procurement of a Hard Disc Drive Assembler Located in Thailand
COVERDISKSCREWSEALRAMPTOP CLAMPLATCHPLATE CASELABELFILTER, PCBASUSPENSION
Japan
SPNDLE MOTORBASECARRIAGEFLEX CABLEPIVOTSEALVCMTOP COVERPCBAHGAHAS
Thailand
BASEPIVOT SPACERVCMBASECARDTOP CLAMP DISK
COVERSCREW PIVOTPC ADPDISC
Singa-pore
PCBACARRIAGEHGABASEHEADSUSPENSION
DAMPING PLATECOIL SUPPORTPCBA
TOP CLAMP
DISKHEADSUSPENSION
USA
FILTER CAP
W.SUSPENSIONVCMPCBA
Malaysia Hong Kong
Taiwan
Philippines
Indone-sia
China
HEAD
Mexico
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FDI Inflows into ASEAN 1993-2011
Source: Chia, S. 2013. p.14. 32
Weakness of Southeast Asia
Dual Structure
- FDI dependent, mass production of manufacturing resulted in the gap between the manufacturing sector and agricultural sector (urban and rural area).
Different Competitiveness between MNC-led Export Sector and Local Firm-Led Domestic Demand
- MNC Competing in the overseas market increases productivity.- Some domestic demand-oriented goods (consumption, goods) and local estate sector
have been lagged.
Inefficient Investment
- Firms invested in heavy and chemical industry or expanded by the close relationship with the government have been inefficient with capital intensive structure. - Financial system, monopoly and moral hazard problems exist.
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Lacking in Technology Transfer
- One of the most serious problems of Southeast in Asia is the week technology base due to the strategy of industrialization by MNC inducement.
- MNCs have been reluctant to transfer their technologies to Southeast Asian economies.
- Firms, the government, and people in general were not interested in technology absorption.
- As a result, the industrial structure was distorted.
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Socio-Economic Development
Human Development in Southeast Asia
global rank country
life expectancy
mean years
expected years GNI per capita
at birth (years)
of schooling of schooling (ppp 2008 U$)
27 Singapore 80.7 8.8 14.4 48893
37 Brunei D. 77.4 7.5 14 49915
57 Malaysia 74.7 9.5 12.5 13927
92 Thailand 69.3 6.6 13.5 8001
97 Philippines 72.3 8.7 11.5 4002
106 Indonesia 71.5 5.7 12.7 3957
113 Vietnam 74.9 5.5 10.4 2995
120 Timor-Leste 62.1 2.8 11.2 5303
122 Lao PDR 65.9 4.6 9.2 2321
124 Cambodia 62.2 5.8 9.8 1868
132 Burma 62.7 4 9.2 1596
Source: UNDP 2010
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Geopolitics and Security
Association of Southeast Asian Nations (ASEAN)
• The Association of Southeast Asian Nations (ASEAN) was established on August 8, 1967 by Indonesia, Malaysia, the Philippines, Singapore, and
Thailand. • Brunei Darussalam joined in 1984, Vietnam became the seventh member in 1995, and Laos and Myanmar joined two years later in 1997. Cambodia joined in 1999.
Objectives:• To strengthen the economic and social stability of the region • To ensure peaceful and progressive national development • To ensure stability and security from external interference
Foundation
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Association of Southeast Asian Nations with China, Japan, and South Korea (ASEAN+3)
• The meeting of ASEAN+3 (China, Japan, South Korea) was first held at the Second Informal ASEAN Summit in 16 December 1997.
• To promote greater cooperation between ASEAN and three Northeast Asian nations with an objective of becoming a building block for regional cooperation in East Asia
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Trade Agreements in AsiaActual and prospective
Maldives PakistanChile, Hong Kong, Chinese Taipei
Papua New Guinea, Peru, Russia
BruneiPhilippinesVietnamMalaysia, SingaporeIndonesia
APEC (FTAAP)
ASEAN + 6 (CEPEA)
ASEAN + 3 (EAFTA)
ASEAN (AFTA)
APTA
Bhutan Nepal
BIMSTEC FTASAARC (SAFTA)
BangladeshSri Lanka
Japan Korea, China
Northeast Asian FTA
India
USMexicoCanada
NAFTA
Australia New Zealand
ANZCERTA
Myanmar
Laos
ThailandCambodia
Dynamic and Outward-Looking
ASEAN’s centrality + Dynamic leadership in external relations:
- ASEAN+1 (10 Dialogue Partners : Australia, Canada, China, EU, India, Japan, RoK, New Zealand, Russia, USA)
- ASEAN Regional Forum (ARF) : 27 participants (10 ASEAN Member States, 10 Dialogue Partners, PNG, Timor-Leste, DPRK, Mongolia, Pak-istan, Sri Lanka, and Bangladesh
- ASEAN Plus Three (China, Japan, RoK)
- East Asia Summit (EAS) : ASEAN, Australia, China, India, Japan, RoK, New Zealand
- cooperation with the UN, World Bank; regional organizations/institutions (ECO, SAARC, PIF, GCC, Mercosur, SCO, ADB, UN-ESCAP, MRC)
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Dynamic and Outward-Looking (continued)
Active participation of ASEAN and/or Member States in international and inter-regional dialogue and cooperation:
+ ASEAN-UN + Asia-Europe Meeting (ASEM) + APEC (Cambodia, Laos and Myanmar are still waiting to join) + G-20 (Indonesia + ASEAN Chair country) + World Trade Organization + Non-Aligned Movement (NAM) + Forum for East Asia – Latin American Cooperation (FEALAC) + Asia-Africa Summit + Asia Cooperation Dialogue (ACD)
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ASEAN Economic Community (AEC)
AECA Single Market & Production base
Source: Reaping the benefits of AEC & ,www.asean.org, as of December 2009
• Free flow of goods• Free flow of services• Free flow of investment• Free flow of capital• Free flow of skilled labor
Transform ASEAN into a stable, prosperous and highly com-petitive region with equitable economic development, and reduced poverty and socio-economic disparities
EAS - Australia - New Zealand - India
ASEAN+3
- Japan
- Republic of Korea
- People’s Republic of
China
ASEAN- -Indonesia- - Malaysia- - Philippines- - Singapore- - Thailand - Brunei Darussalam - Vietnam - Myanmar - Lao PDR - Cambodia
ASEAN and Dialogue Partners
Dialogue PartnersAustraliaCanadaChinaIndiaJapanKoreaNew ZealandEuropean Union (EEC)RussiaUSAUNDP
Other Groupings/RelationsPakistanSouth Pacific ForumGulf Cooperation CouncilRio GroupSAARCSADCEFTAMercusorNAFTA
ASEAN+6
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ASEAN Centrality in the Global Landscape
Source: ADB. Emerging Asian Regionalism: a Partnership for Shared Prosperity.
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Implications and Prospects
Future of Southeast Asia
Needs of Southeast Asia
- For sustained economic development, it is indispensable that Southeast Asian economies should invest more on R&D activities to develop their own technology.
- Southeast Asian economies should promote competence of indigenous companies to make domestic economy more active and reduce degree of dependence on external factors.
- Southeast Asian economies should promote sound consumption culture.
- Southeast economies should build complementary relations with China.
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Enhancing Self-Reliance
- Increase domestic consumption and develop high value-added industrial structure and the service industry.
- Reduce the role of manufacturing base on mass production that is dominated by MNC.
- Explore new growth sector that utilize mainly domestic resources.
- Promote local enterprises that use endowed resources and technological capability.
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Source: OECD
Future Policy Focus by Country
Challenging Issues
What made Southeast Asia to be united?
Among Southeast countries which country will be the strongest country in 20 years? Why?
For the future of ASEAN countries, which northeast country is the most im-portant country in the future, why?
(A hypothetical situation) Suppose a sea battle between China and Japan started because of the island dispute. They also stopped economic relations between them. What would be the economic impact of this on each of the economies (i.e. Korea, China, Japan, and ASEAN) in the East Asian region?
China is a big country. Compared to China, Singapore is a tiny country. However, Singapore has maintained No.1 competitiveness rank and the highest income per capita (except Japan) in Asia. Does this fact imply that smaller country is usually easier to be a competitive country than a large country, why or why not?
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East Asia as a Whole and Com-parison of NEA and SEA
Comparison of SEA and NEA
South East Asia North East Asia
Initial Condition
• resource-rich countries• diversity of nations and religions• relatively high portion of agricultural sector
• resource-poor countries• the Cold War environment• successful land reform
Development Process
• natural resource-dependency then industrialization• early liberalization and market-friendly regime
• industrialization• government active intervention
Capital Accumulation
• high-savings & high-investments• attracting high foreign investment
• high-savings & high-investments• forming domestic capital
Market • export-oriented • export-oriented
outcome • high dependence on external factors• MNC-centered Mass-producing system• less development of the technology
• high dependence on external factors• indigenous enterprise (e.g., conglomerate) centered mass-producing system • higher development of the technology
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Evaluation
Strong Weak
SEA
• More utilization of market economy• Rapid economic development on attracting FDI• ASEAN • Relatively abundant natural re-sources
• Vulnerability to external factors • Weak own technology development• Lagged behind of the Northeast• Corruption
NEA
• Development of its own technology• Rapid industrialization by strong government-led policy• Hard power
• Lack of regional institution• Moral hazard (Bureaucratic finance)• Limited natural resources
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National Savings Rates (% of GDP)
0 10 20 30 40 50 60
Singapore
China
Hong Kong
Thailand
South Korea
Indonesia
Taiwan 2001
1995
High-Tech Export (US$)
Reprinted from: Ismail, M. 2013. p.3. 55
R&D Expenditures in Asian Countries (in US$ million)
Reprinted from: Ismail, M. 2013. p.5. 56
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Major Foreign Holders of U.S. Treasury Securities, 2008
0 100 200 300 400 500 600 700
China
Japan
U.K.
Caribbean Banks
Oil Exporters
Brazil
Hong Kong
Taiwan
Thailand
Singapore
Korea
Billions
Wage Comparison
80.8
42.5 41.537.4 35.2 35.8
18.1 17.8 14.7 13.79.5 8.7 7.4 6.9
0102030405060708090
100
Wag
e L
evel
s (U
S$)
Gross
Net
4
Note: Cities ranked according to gross value of index Source: Thai Board of Investment. UBS/Prices & Earnings March 2009 update August 2011.
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Corruption Perception Index, Selected Countries, 2006 (10 = the least corrupt)
0 1 2 3 4 5 6 7 8 9 10
Finland
Singapore
Hong Kong
United States
Japan
Taiwan
Malaysia
South Korea
China
Thailand
Philippines
Vietnam
Indonesia
Myanmar
Challenges of Continued Global Economic Uncertainty
• Fiscal crisis in the euro zone + Policy uncer-tainty in US
Impact on Asia-Pacific• Decreased economic activity through
the trade and finance channel• Estimated regional GDP loss of 3%
since the onset of the global crisis five years ago - $870 billion
• Loose monetary policies, quantitative easing (QE), of the developed world
Impact on Asia-Pacific• Short-term capital flows volatility• Rapid short-term currency apprecia-
tion• Food and fuel price volatility
Impact on Asia-Pacific• Poverty and inflation
Export growth
-100
102030
4050
2010
Q1
2010
Q2
2010
Q3
2010
Q4
2011
Q1
2011
Q2
2011
Q3
2011
Q4
2012
Q1
2012
Q2
2012
Q3
Perc
enta
ge (y
ear-o
n-ye
ar)
World Asia-Pacific
Vulnerability Yardstick
0 100 200 300
Republic of Korea
Malaysia
Indonesia
India
Philippines
Thailand
Kazakhstan
Russian Federation
ChinaLeast
vulnerable
Mostvulnerable
Source: ESCAP 60
New Development Paradigm in Asia-Pacific
• Investing in social and environment pillars fortifies economic pillar…– Leads to sustained, inclusive
and equitable economic growth
• Grow now, distribute + clean up later is not an option
• Critical for sustaining region’s dy-namism
Source: ESCAP61
Reflection on Southeast Asia
Southeast can be proud of ASEAN.
Once, they achieve industrialization up to a similar level of the Northeast Asia, the region can be another hub in Asia.
Resources, human or natural, are the main source of competitiveness of the region.
Thailand, Vietnam and Indonesia will be eventually the three leading coun-tries.
Korea and Vietnam can form special alliance because of many similarities and mutual complementarities. If Korea can form strategic alliance with Vietnam and Turkey, three of them eventually emerge as another power in Asia.
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References
ASEAN. 2012. “ASEAN and Dialogue Partners”. (Google,PPT)
Chandra, Alexander C. “Political-Economy of ASEAN and APT”. Institute for Global
Justice (IGJ).
Kumar, Nagesh. 2013. “Economic and Social Prospects of Asia and the Pacific: Focus-
ing on Inclusive and Sustainable Future”. ESCAP. (Google, PPT)
Ismail, M. 2013. “Innovation and High-Tech Trade in Asian Countries”.
University Putra Malaysia.
OECD. 2011. “OECD Development Centre Medium-term Projection Framework
of the Southeast Asia Economic Outlook 2010”.
SaKong, Il. 2006. “Enhanced North East Asian Economic Cooperation towards the Ul-
timate Goal of East Asian Community”. Japan Center for Economic Research
(JCER).
Vannak, Chhun. 2006. “ASEAN Structure, Policy making process and ASEAN Mecha-
nism: ASEAN Charter”. Pannasastra University of Cambodia-PUC.
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