P.M. BRIEFING : Cooling Seen in Asian Economies
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SINGAPORE — A looming global capital crunch will hit most Asian economies, except for Japan, in 1991, Merrill Lynch (Singapore) said in its latest Asian economic commentary report, released today.
“A slowdown in United States and other OECD (Organization for Economic Cooperation and Development) economies, volatile energy prices, the prospects of a breakdown in the Uruguay Round of GATT (General Agreement on Tariffs and Trade) talks and a looming global capital crunch will make 1991 a difficult year for the Asian economies,” Merrill Lynch said.
The countries surveyed were China, Hong Kong, India, Indonesia, South Korea, Malaysia, the Philippines, Singapore, Taiwan and Thailand.
“Our latest estimates are that the 10 major Asian economies, outside Japan, will post an average real GDP (gross domestic product) growth of 4.7% in 1991, compared with 5.1% in 1990 and 5.7% in 1989,” the report said.
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