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Strong retail sales growth throughout region: Mastercard

Growth in retail sales across the Asia-Pacific region is expected to be robust in the first half of the year, with Taiwan showing healthy signs of recovery at 5.5 percent year-on-year growth to reach NT$1.376 trillion, Master-Card International said yesterday.

All 12 markets in the region are predicted to see positive expansion, with China maintaining its lead with an anticipated 14 percent year-on-year growth to reach 2.45 trillion yuan, according to the MasterIndex of Retail forecast.

"The index shows that Taiwan has been recovering from the impact of SARS and the forecasted 5.5 percent growth in retail sales also shows that Taiwan's economy is well on the road to recovery," said Tina Chiang (江威娜), MasterCard's vice president and business manager for Greater China, in a statement.

Other markets forecast to enjoy robust retail sales growth include South Korea, with 8.2 percent; Malaysia, with 9.2 percent and Thailand, with 10.8 percent.

"The forecast for the first half of 2004 point to accelerating household spending, supported by stronger employment growth, rising exports, and accommodating interest rates," said Yuwa Hedrick-Wong, a MasterCard economic advisor.
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