Asian Development Outlook 2011: South-South Economic Links by Asian Development Bank
By Asian Development Bank
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Additional info for Asian Development Outlook 2011: South-South Economic Links
With reform and fiscal discipline commitments by its debt-stressed members anchored in this way and the European Stability Mechanism coming into place as a permanent financial backstop facility, eurozone leaders hope to have found a response strong enough to assuage financial market sentiment now and to avert similar crises down the road. So far, market reactions have been muted. 3% in 2009. Rebounding exports, the low 2009 base, and a series of fiscal stimulus packages boosted growth. 8 percentage points of GDP growth, with domestic demand accounting for the rest.
In Japan, the dilemma is further heightened by the expected fiscal burden of disaster relief and recovery efforts stemming from the earthquake and tsunami. Given the escalation of public debt in both countries, such a failure could erode financial market confidence, which would push up borrowing costs, further exacerbating the problem. 17 18 Asian Development Outlook 2011 High and volatile global commodity prices The return of global growth, combined with lack of readily available spare production capacity, is driving demand for both oil and food.
In February 2011, for example, the benchmark index for food prices of the Food and Agriculture Organization of the United Nations reached the highest level (nominal and real) since its inception in January 1990. 24). 25). A key difference with the food-price crisis of 2007–2008, this rise was moderate partly because Thailand and Viet Nam released ample supplies from their rice stocks to mitigate rising price pressures. The price of wheat, however, almost doubled in the same period. Domestic rice and wheat prices in many developing Asian Source: World Bank.