---- Boost from domestic consumption -----
With weakened demand from the PRC and India added to dim global demand from the major industrial economies, only domestic factors remained as drivers of grow...
th for many economies in developing Asia. The external slowdown affected trade-oriented open, economies in East and Southeast Asia most severely, with growth plunging to less than 2% in the Republic of Korea, Taipei,China, and Singapore (Figure 1.1.3).
Despite anemic external demand, some economies, mainly in Southeast Asia, managed to maintain growth momentum on the back of growth in private consumption and investment. Economic reforms after the Asian financial crisis, a better-balanced economic structure, and natural resources all contributed to the robust performance of the ASEAN economies in 2012.
Among domestic factors, private consump tion continued to be the key driver of growth in 2012, contributing more than half of growth across the economies in developing Asia. By comparison, growth in other factors, such as investment and exports, varied considerably across countries.
Unemployment rates kept declining in most countries, however, and labor markets continued to improve, lifting consumer confidence at least during the first half of last year.
HKG = Hong Kong, China; IND = India; INO = Indonesia; KOR = Republic of Korea;
MAL = Malaysia; PHI = Philippines; TAP = Taipei,China; THA = Thailand; PRC =
People’s Republic of China.
Note: Breakdown for India unavailable.
Source: CEIC Data Company (accessed 05 March 2013).
Never miss a thing with our weekly newsletter. We'll send you the latest and greatest infographics, news and all things Visually.
Go ahead, you can always opt out anytime with just one click.
Switch to Wordpress Code
Click bellow to copy
Get Notified of New Infographics
Thank you for subscribing to the Visually newsletter.
Just one last thing: we've sent you an email asking you to confirm your subscription.
Tell your story visually before December 31st and get a free iPad Air!*
The holidays are a great time to tell your brand story. From Black Friday trends and Mobile Shopping guides to the Best and Worst Times to Book Travel and Thanksgiving etiquette, the Visually team will help you craft your brand's unique stories and raise your social profile during the noisy holiday season.