International economy: summary

Article Abstract:

The international economy has become divided between those countries affected by recession, especially in Asia, and those such as western Europe and the US where domestic demand has been strong. World commodity prices have been affected by the Asian crisis and this has affected Australia as a commodity exporter, as well as petroleum exporters. Developments in the Japanese economy are likely to affect its Asian neighbors, and a continued Japanese contraction with a drop in value of the Japanese yen could lead to further problems in Asia as a whole.

Gross Domestic Product, Statistics, United States economic conditions, Western Europe, 1998 AD

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International economy: Asia

Article Abstract:

Real GDP in Asia is likely to be over 3% during 1999. China's high growth rate of 6.5% and also India's rate of 4% and Taiwan's rate of 4.6% have increased the average growth rate for the region. Real GDP in ASEAN countries is likely to fall by 11%, with the worst affected countries being Indonesia, Thailand and South Korea. Critical factors behind the recession are increasing unemployment and bad debts. However, China, Thailand and South Korea report large current account surpluses and this will help to stabilize the region's economies.

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