ASEAN KEY DESTINATIONS
New economic order in Asia
By David Swartzemtruber
The purpose of the index is to rank 22 emerging Asian economies as the “most likely to maintain steady and rapid growth over the next five years. The index looked at each country’s ability to maintain economic competition, education level, urban migration, high-technology exports and inflation.
The top country, China, came as no surprise to most. However, after India in second place, the third place was occupied by Vietnam, which slipped ahead of countries such as Malaysia and Thailand and Bangladesh was in placed in fifth place.
It is interesting to note that Vietnam is in the same political profile as China: a communist country with a one-party political system and a centrally directed economy.
However, problems that could pose difficulties to China include rising wages and some believe a banking crisis could occur following on record lending and a bump in real estate prices.
Meanwhile, economic growth in the United States and Europe seems tepid compared to the rates that China and India have shown in the last decade.
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