The economy is expected to fall in the lower ranks of Asian economies next year, with a projected 4.8 percent GDP compared with an average GDP growth rate of 5.9 percent for Asia outside Japan, Credit Suisse said in its 2010 Asian economic forecast released on Saturday.
Although Taiwan will begin to escape an economic contraction next year, its recovery is lagging far behind neighboring countries, the Zurich-based financial services company said, adding that Taiwan’s economic growth for 2011 will be among the worst in Asia at 3.8 percent.
Tao Dong (陶冬), chief regional economist at Credit Suisse outside Japan, said that he remained upbeat about the macroeconomic performances in Asia next year. In particular, the strong momentum of China and other emerging countries is anticipated to drive economic growth in the region, he said.
Credit Suisse said that China would record the highest GDP growth rate throughout Asia next year, followed by India, Vietnam and Singapore.
The investment bank forecast that the Asian economy will grow an average 5.9 percent next year and 5.8 percent in 2011. The weighted economic growth rate is anticipated to be 7.6 percent in 2011 and 8.9 percent next year.
Meanwhile, UBS AG recently released its Asian economic outlook for next year, saying that Taiwan’s GDP would grow only 4.4 percent, the worst in Asia.
In terms of the Consumer Price Index (CPI), Asian countries are expected to see a year-on-year growth of 4.5 percent next year.
Taiwan’s CPI, however, will only post a mild 1.9 percent increase, the Swiss bank said in a statement.
Vietnam will face the greatest inflationary pressure as its CPI is anticipated to reach as high as 9 percent, the bank said.
Chartered Bank Taiwan Ltd (渣打銀行) forecast that Asia will experience a V-shaped recovery as opposed to the L or U-shaped recovery in the West.
The bank forecast that Asian economies will average 7 percent growth in GDP next year, up from this year’s 4.5 percent, among which China and India will lead with an economic growth of 10 percent and 7.5 percent respectively, up from this year’s 8.5 percent and 6.8 percent, its chief economist Gerard Lyons said in a press statement released on Friday.
The global economy is expected to grow from this year’s 1.9 percent to next year’s 2.7 percent, he said.
Anna Bhobho, a 31-year-old housewife from rural Zimbabwe, was once a silent observer in her home, excluded from financial and family decisionmaking in the deeply patriarchal society. Today, she is a driver of change in her village, thanks to an electric tricycle she owns. In many parts of rural sub-Saharan Africa, women have long been excluded from mainstream economic activities such as operating public transportation. However, three-wheelers powered by green energy are reversing that trend, offering financial opportunities and a newfound sense of importance. “My husband now looks up to me to take care of a large chunk of expenses,
State-run CPC Corp, Taiwan (CPC, 台灣中油) yesterday signed a letter of intent with Alaska Gasline Development Corp (AGDC), expressing an interest to buy liquefied natural gas (LNG) and invest in the latter’s Alaska LNG project, the Ministry of Economic Affairs said in a statement. Under the agreement, CPC is to participate in the project’s upstream gas investment to secure stable energy resources for Taiwan, the ministry said. The Alaska LNG project is jointly promoted by AGDC and major developer Glenfarne Group LLC, as Alaska plans to export up to 20 million tonnes of LNG annually from 2031. It involves constructing an 1,290km
NEXT GENERATION: The company also showcased automated machines, including a nursing robot called Nurabot, which is to enter service at a Taichung hospital this year Hon Hai Precision Industry Co (鴻海精密) expects server revenue to exceed its iPhone revenue within two years, with the possibility of achieving this goal as early as this year, chairman Young Liu (劉揚偉) said on Tuesday at Nvidia Corp’s annual technology conference in San Jose, California. AI would be the primary focus this year for the company, also known as Foxconn Technology Group (富士康科技集團), as rapidly advancing AI applications are driving up demand for AI servers, Liu said. The production and shipment of Nvidia’s GB200 chips and the anticipated launch of GB300 chips in the second half of the year would propel
‘MAKE OR BREAK’: Nvidia shares remain down more than 9 percent, but investors are hoping CEO Jensen Huang’s speech can stave off fears that the sales boom is peaking Shares in Nvidia Corp’s Taiwanese suppliers mostly closed higher yesterday on hopes that the US artificial intelligence (AI) chip designer would showcase next-generation technologies at its annual AI conference slated to open later in the day. The GPU Technology Conference (GTC) in California is to feature developers, engineers, researchers, inventors and information technology professionals, and would focus on AI, computer graphics, data science, machine learning and autonomous machines. The event comes at a make-or-break moment for the firm, as it heads into the next few quarters, with Nvidia CEO Jensen Huang’s (黃仁勳) keynote speech today seen as having the ability to
RSS