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Asian Economic and Property Round-up
continued
Focus: Market and Prospects
46
measures and low interest rates helped to cushion the in December 2001 is expected to increase investments
economic slowdown. Dragged down by the global from the US as well as other countries.
economic downturn, Hong Kong’s economy grew
0.1% in 2001, versus a 10.5% growth the previous Almost alone among Asia’s major economies,
year. Singapore’s economy shrank 2.0%, compared China appeared least affected by the global slowdown.
with a robust 10.3% a year ago. The Indonesian
Its huge and vibrant domestic market was able to
economy expanded 3.3% in 2001, compared with sustain a GDP growth rate of 7.3%, making China
4.8% growth the year before. The Malaysian economy the fastest growing economy in the world. Growth
avoided a full-year recession, showing only 0.5% in retail sales, already a strong 9.9% in 2000,
decline in the last quarter of 2001, thereby bringing accelerated to 10.1% in 2001. Retail sales have been
full-year GDP growth to 0.4%. Philippines’ GDP grew fuelled by strong wage growth in non-state owned
3.4% in 2001, helped by consumption spending. enterprises and civil servants’ pay rise. Apart from
Thailand’s economy grew 1.8% in 2001, partly fuelled private consumption, strong economic growth in the
by consumption spending on housing and cars. In second half of the year was sustained through the
Vietnam, growth is estimated at 7.1% in 2001. The government’s fiscal stimulus and increased foreign
Bilateral Trade Agreement between Vietnam and US investment.
The Singapore Economy - Sectorial Growth Rates
20
15
10
Per Cent
5
0
-5
-10
-15
Overall
Manufacturing
Construction
Wholesale &
Retail Trade
Hotels &
Restaurants
Transport &
Communications
Financial
Services
Business
Services
2001
2000
Source: Ministry of Trade & Industry