The Services Sector in South East Asia By Jaime Niņo1 2 3 4 5 >>
Mar 13, 2001
After suffering a severe downturn in the aftermath of the financial crisis that hit the region, the services sector in South East Asia registered an average 5% growth rate in 2000. Although recovery is underway, the services sector performance is still not registering the dynamism observed in the years previous to the crisis. Some of the countries that were most severely affected by the crisis such as Indonesia registered the fastest growth rates in 2000, while those countries that weathered the storm better such as the Philippines grew at a modest pace last year. Although growth in the services sector will outpace other sectors in the economy in 2001it is expected to slowdown this year according to the Asian Development Bank.
The financial crisis in the region truncated the growth of the services sector in many of the economies that dated back to the early 1980s. While services in the early 1980s accounted for roughly 62% of the GDP in Korea, 57% in Thailand, 47% in Malaysia and the Philippines and just over 40% in Indonesia, by the time of the financial crisis the sector had gained several percentage points in almost all economies in the region only to fall back to 1980 levels in the aftermath of the crisis. This is particularly true of South Korea, Indonesia, Thailand and Malaysia where growth in the services sector was most severely affected by the financial crisis. By international levels, the services sector in the region has a great potential for growth.
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Comments [Add Comment]
posted by andy staples on 5/3/2001 at 7:57:58 AM
"graphs lost on East Asian lead article"
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