Mahathir Mohamad, Malaysia’s former prime minister, seems to have missed the mark with the Citizen’s Declaration that he has so vigorously supported. The bulk of the Declaration is directed at Prime Minister Najib Razak and his alleged wrongdoings in connection with the beleaguered 1Malaysia Development Berhad (1MDB). Therein lays its fatal flaw.
Japanese Prime Minister Shinzo Abe’s Partnership for Quality Infrastructure in Asia (PQI) aims to consolidate Japan’s regional clout among the emerging Asian economies. PQI, which is often viewed as a competing formulation vis-à-vis the Chinese mega infrastructure designs, is critical to achieving the goals of Japan’s national growth strategy.
Japan aims to promote high quality infrastructure partnerships and facilitate expansion to emerging markets in Asia, and enable a revolution in productivity by investment in the future.
GDP growth in the United States fell significantly, growing just 0.5% in the first quarter of 2016. Despite economists’ predictions of continued economic strength, real GDP growth was just 0.5% in the first three months of this year after rising 1.4% in the fourth quarter of 2015. Economists had expected 0.7% growth after downgraded estimates throughout the quarter, largely due to weak data from the housing, manufacturing, and export sectors.
The recent sustained attention given to the economic performance of Africa is a sharp departure from the usual negative and patronising representation of the continent in the global media. The old narrative represented a continent riddled by wars, famines, disease and the burdens of poor infrastructure and reckless governments.
While many think that the description of Africa as a hopeless continent was harsh, the Africa rising narrative was considered rather hyped.
The state of India’s manufacturing sector is concerning. Especially when compared to the massive transformation registered in this sector by other Asian countries in similar stages of development. Contributing around 16 percent of India’s GDP, manufacturing remains far below its potential, which should be at least 25 percent.
With home sale growth weakening and America’s trade balance worsening, the Federal Reserve announced it would not increase interest rates.
While the Aquino reforms have ignited great progress, the next Philippines president will be more independent in critical economic, political and military decisions that will also shape Southeast Asia’s future, says Dan Steinbock.
After President Ferdinand Marcos (1965-86) and a close relationship with the Reagan administration, the Philippines became known as the “sick man of Asia.” In the past six years, a new confidence has been restored by President Benigno Aquino III, 56, who enjoys the trust of most Filipinos, according to surveys.
Weak consumer confidence and a disappointing lack of significant growth in durable goods sales are pointing to a weakening American economy. Durable goods sales rose just 0.8% in March after a 3.1% decline in February; despite expectations of a growth rate twice that. Core durable goods growth actually fell 0.2% after falling in February, although analysts had expected moderate growth.
One of India’s most promising economic features is its large working-age population. Yet if India doesn’t find jobs for its young people, this boon will quickly turn into a powder keg, as evinced by the recent agitations of unemployed Jats in Haryana. The most important impediment to job growth in India is the country’s outmoded labour regulations.
Economic analysts are beginning to call the real estate market a “panic” as home sales continue to fall but prices keep rising. New home sales fell by an annualized 511,000 units in March, the third straight month of declines. New home sales have not fallen for three weeks in a row since 2011.
