ASIA’S GOLDEN OPPORTUNITY TO BECOME HIGH INCOME ECONOMIES
Teoh Kok Lin
The Star, September 8, 2009
An interesting change of power happened in Japan about a week ago. Voters booted out the ruling Liberal Democrat Party (LDP), which many hold responsible for Japan’s economic mess, in favour of the opposition Democratic Party of Japan (DPJ).
Teoh Kok Lin
The Star, September 8, 2009
An interesting change of power happened in Japan about a week ago. Voters booted out the ruling Liberal Democrat Party (LDP), which many hold responsible for Japan’s economic mess, in favour of the opposition Democratic Party of Japan (DPJ).
One of the first priorities for the new DPJ government undoubtedly will be reviving Japan’s stagnant economy.
Hard lessons from the current global recession made many in Japan realise it will need to depend more on domestic consumption, exporting more to the growing Eastern markets, in addition to exporting to the West for growth in the coming years.
I believe many Asian exporting nations also know that they are pretty much in the same boat. For many decades, Asia relied on cheap cost to export to growing Western consumer demand. That formula has made Japan’s exporters hugely successful since the 1960s.
It has been duplicated to certain degrees of success by South Korea, Taiwan, Singapore and Malaysia; and in the past 10 years, on a much larger scale in China.
Hard lessons from the current global recession made many in Japan realise it will need to depend more on domestic consumption, exporting more to the growing Eastern markets, in addition to exporting to the West for growth in the coming years.
I believe many Asian exporting nations also know that they are pretty much in the same boat. For many decades, Asia relied on cheap cost to export to growing Western consumer demand. That formula has made Japan’s exporters hugely successful since the 1960s.
It has been duplicated to certain degrees of success by South Korea, Taiwan, Singapore and Malaysia; and in the past 10 years, on a much larger scale in China.
(…) [artículo aquí]
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