Growth and Resilience in an Uncertain Global Economy
Edited by Hal Hill and Maria Socorro Gochoco-Bautista
From one viewpoint, it appears misplaced to pose the question of raising investment and growth in Asia. After all, in the midst of the recent global economic recession (GER) it is mostly countries in Asia that have shown the greatest resilience and maintained comparatively high investment ratios. All this is relative, however, and when viewed in relation to the Asian financial crisis (AFC), investment ratios in Asia have actually declined. Table 2.1 shows that this decline has been most pronounced in East Asia, where the average investment ratio fell from 30 per cent in the 5- year period immediately preceding the AFC (1992–96) to 24 per cent in the succeeding period (2002–06), before the GER hit. Declines were particularly marked in countries that were severely affected by the AFC (e.g., Indonesia, the Republic of Korea, Malaysia, the Philippines, Singapore, and Thailand). A decline on average is also notable in Central Asia, from 25 per cent to 21 per cent of gross domestic product (GDP). By contrast, South Asian countries as a group appear to have been less affected; in fact the average investment ratio rose slightly between the two periods. Levels for Oceania (i.e., for countries where comparable data are available) on the other hand, have been more or less constant between the two periods.
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