Malaysia's Growth Holds Near Decade High

[Beet]

Gross domestic product increased 8.9 percent in the three months through June from a year earlier, after expanding 10.1 percent in the first quarter, the central bank said yesterday. That was higher than the 8.4 percent median forecast of 16 economists surveyed by Bloomberg News. Growth may exceed 6 percent this year, Governor Zeti Akhtar Aziz said.

Malaysia’s central bank has raised interest rates three times this year, and policy makers will deliberate in two weeks if the economy is strong enough to withstand higher borrowing costs as threats to the world recovery grow. Weaker-than- expected economic growth in Japan and slower expansion in the U.S. and China have added to signs that the global rebound may ease, threatening demand for Asia’s goods.

http://www.bloomberg.com/news/2010-08-18/malaysian-gdp-8-9-in-second-quarter-from-year-earlier-central-bank-says.html

This isn't the kind of thing that happened during the 1929-33 downward spiral.

[opebo]

This isn't the kind of thing that happened during the 1929-33 downward spiral.

Well I guess that is true, and perhaps encouraging.  Singapore also (right next door of course, and closely related) has had tremendous growth recently - I think far higher than Malaysia.

The economy here in Thailand is also extremely good, though nothing like that.  Money is still flowing like water in the Capital. 

In all seriousness I think a lot of you young chaps could make more money teaching in Bangkok than you could doing whatever back home (or perhaps even being unable to find any work).   Lots of people are making $2,000-2,500/month nowadays with extra work, in a place where apartments are $200-250/month, and food $2/meal.  If you have a specific teaching qualification which would allow you to teach in the public schools in US you can make around $3,000 or so salary alone.

[Sbane]

India and China seem to be expanding pretty rapidly as well, and Vietnam is also in good shape. IMO if there is an upcoming crisis, it will begin in European banks. The fear is that even a slowdown in the US, not a full blown recession, will be enough to send Europe into a crash. If Asia and Australia keep booming like this, it could counterbalance any slowdown in the US economy.

[Kevin]

Is Indonesia also booming?

[opebo]

Is Indonesia also booming?

More along Thai lines - fine growth, 4-6%, but not the very rapid Indian/Malaysia/Singapore/China level.

[Gustaf]

Thailand had 12% growth in the first quarter according to The Economist.

[opebo]

Thailand had 12% growth in the first quarter according to The Economist.

Jesus, I didn't know it was that high.  I don't like that.  So where's the link?

[Gustaf]

Thailand had 12% growth in the first quarter according to The Economist.

Jesus, I didn't know it was that high.  I don't like that.  So where's the link?

It's from a magazine in my hand...but I'm sure it's not hard to find on the web.

[The Ex-Factor]

The most combustible problem with Southeast Asian economic growth is that it is concentrated in the hands of a very distinct minority (namely the Chinese - the Jews of Southeast Asia)

Code:

The communities coexist in relative harmony, but the wealth gap among them is grave. Despite making up 60% of the population, Malays own just 19% of the economy, trailing far behind the minority ethnic Chinese, who make up only a quarter of the population but hold 40% of the economy;

http://www.euromonitor.com/Malaysia_wealth_gap_along_ethnic_lines

IIRC it's worse (wealth gap is bigger + tensions are even higher) in Indonesia and worst in Philippines.

[opebo]

The most combustible problem with Southeast Asian economic growth is that it is concentrated in the hands of a very distinct minority (namely the Chinese - the Jews of Southeast Asia)

Code:

The communities coexist in relative harmony, but the wealth gap among them is grave. Despite making up 60% of the population, Malays own just 19% of the economy, trailing far behind the minority ethnic Chinese, who make up only a quarter of the population but hold 40% of the economy;

IIRC it's worse (wealth gap is bigger + tensions are even higher) in Indonesia and worst in Philippines.

Yes, and its notable here in Thailand - and its a huge motivator behind the recent political troubles here.  (though to be fair Thailand is more egalitarian than the USA).

[Gustaf]

The most combustible problem with Southeast Asian economic growth is that it is concentrated in the hands of a very distinct minority (namely the Chinese - the Jews of Southeast Asia)

Code:

The communities coexist in relative harmony, but the wealth gap among them is grave. Despite making up 60% of the population, Malays own just 19% of the economy, trailing far behind the minority ethnic Chinese, who make up only a quarter of the population but hold 40% of the economy;

IIRC it's worse (wealth gap is bigger + tensions are even higher) in Indonesia and worst in Philippines.

Yes, and its notable here in Thailand - and its a huge motivator behind the recent political troubles here.  (though to be fair Thailand is more egalitarian than the USA).

According to this: http://en.wikipedia.org/wiki/List_of_countries_by_income_equality Thailand has a slightly higher UN Gini coefficient than the US. Although, the CIA one gives the US a slightly higher figure. Overall, it seems that the two have very similar income distributions.

[opebo]

...Overall, it seems that the two have very similar income distributions.

Yes - overall I find no great difference in either the standard of living or the level of inequality between the two places.