SE Asia recovering faster than expected<\/p>\n
TOKYO (AP): Southeast Asian economies are rebounding faster
\nthan expected, the head of the Asian Development Bank (ADB) said
\nFriday.<\/p>\n
\"The recovery is exceeding everybody's expectations,\" said
\nTadao Chino, president of the bank, which loans money to
\ndeveloping countries in Asia.<\/p>\n
South Korea's economy will likely grow 9 percent this year
\nafter contracting 5.8 percent in 1998, he said. Even Indonesia,
\nbeset with violent independence movements in East Timor and Aceh,
\nwill grow 2 percent this year after shrinking 13.2 percent last
\nyear.<\/p>\n
Japan's nascent economic recovery has pushed up the value of
\nthe yen, making goods from Southeast Asia comparatively cheaper,
\nand thus more competitive, in world markets, Chino said.<\/p>\n
\"Most Asian countries welcome the strong yen but worry that if
\nit goes too far, it will slow Japan's recovery,\" Chino said.<\/p>\n
A slowdown in the Japanese economy tends to hurt the entire
\nregion because Japan takes in less Asian imports.<\/p>\n
The yen has risen 10.9 percent against the U.S. dollar in the
\npast four months, trading at about 102.5 yen per dollar Friday.<\/p>\n
Business leaders have complained that the stronger yen will
\nmake Japanese cars, stereos and other products more expensive
\noverseas, cutting sales and profits.<\/p>\n
Southeast Asian economies sank into their worst recessions in
\ndecades starting in 1997, partly because Japan - one of their
\nbiggest trading partners - was mired in its own recession and
\ntaking in fewer exports from the region.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/se-asia-recovering-faster-than-expected-1447893297",
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"sponsor_url": "https:\/\/okusiassociates.com"
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