March 26, 2013, the Boao Forum for Asia Research Institute released the “Boao Forum for Asia: Competitiveness of Asia 2013 Annual Report”. Below is the briefing of the report:
Boao Forum for Asia – Competitiveness of Asia 2013 Annual Report
Chapter 1. Internal and external environment affecting the Asian economies
In 2012, the global economy development was complex. European debt crisis continued. Though the European Stability Mechanism (ESM) has entered into force, the European Banking Union reached a preliminary agreement, but all these initiatives are still difficult to eliminate the deterioration of the Spanish banking problems and stop the euro-zone economy as a whole from entering into recession in a short run. The fiscal consolidation is in slow progress due to huge differences between Germany and southern European countries. Therefore, the possibility of fall into the “lost decade” cannot be ruled out and risk of division of the euro area remains. Although the U.S. economy maintained growth, but the “fiscal cliff” has become the sword of Damocles hanging over the head of the U.S. economy, the third quantitative easing (QE3) together with the U.S. presidential election resulting in the partisan struggle and also the impacts of hurricanes “Sandy”, all increased the downward pressure of the U.S. economy. Japan’s economic growth outlook is not optimistic while economy of the BRIC countries in 2012 can be described as ups and downs; most were exposed to currency devaluation, capital flight pressure in the first 8 months. Since August last year, with the implementation of QE3 in the United States, capital flight and currency devaluation pressure eased, but pressure of slowdown in economic growth is still there for emerging markets.
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Key Words: 《博鳌亚洲论坛亚洲竞争力2013年度报告》英文版