Read e-book online Economic and Social Survey of Asia and the Pacific 2007: PDF

By United Nations

ISBN-10: 9211204941

ISBN-13: 9789211204940

The region's oldest and so much accomplished annual overview of financial and social advancements forecasts the exterior atmosphere in Asia-Pacific to be much less beneficial in 2007, yet sees endured dynamism regardless of hazards of extra oil rate shocks, and a pointy depreciation of the U.S. greenback. The Survey warns that interventions via financial experts to maintain currencies down are resulting in inflated asset values, in particular in housing and fairness markets. coping with trade charges stands out as the greatest problem dealing with Asia-Pacific economies in 2007.

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Additional info for Economic and Social Survey of Asia and the Pacific 2007: Surging Ahead in Uncertain Times

Sample text

This ratio has increased over 2005 levels in all countries, except in Pakistan and Thailand. In the meantime, some of the cost factors have been rising. Since the majority of reserves are in United States dollar-denominated assets, the continuing weakening of the United States dollar during 2006 led to capital losses. Central banks can incur costs when issuing government securities to absorb excess liquidity, if interest rates on government securities are higher than the corresponding rates earned on foreign reserve holdings.

Recent data shows that the housing market in the United States is now softening, with a falling demand for mortgages and a declining rate of increase in housing prices. The market adjustment has so far been orderly. However, a sharper than expected decline in housing prices still cannot be ruled out. “ A sharp and abrupt depreciation of the United States dollar will lead to a real appreciation of regional currencies by about 33% ” • A sharp depreciation of the United States dollar would lead to a drastic reduction in the foreign exchange reserves of the Asia-Pacific region, the majority of which are held in United States dollardenominated assets.

The region’s exports grew at an impressive 18% in 2006, while import growth picked up to 19%, from 17% a year before ” The region’s exports benefited from healthy global demand. Robust growth in the United States was a key driver of demand, supported by improving demand in Europe and Japan. South-East Asian economies benefited from the cyclical upswing in demand for electronic products that began in mid-2005. Apparel exports across the region have performed better than expected after the global liberalization of apparel in 2005, in part due to the enforcement of restrictions on Chinese imports into the United States and the European Union.

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Economic and Social Survey of Asia and the Pacific 2007: Surging Ahead in Uncertain Times by United Nations

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