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NIEs, ASEAN to register 7 pc growth in '93
TOKYO. Dec 12: The GNP of four South East Asian and four Aslan NIEs will grow seven per cent In calendar 1993. after slowing to six per cent in 1992. against an actual 6.9 per cent In 1991, a study by the Institute of Developing Economies attached to the Ministry of International Trade and Industry said, reports Reuter.
The slower growth tn 1992 follows rapid growth In the last few years, a research centre official said.
The study covered four newly industrialising economies (NIEs) — South Korea, Taiwan, Hong Kong and Singapore and four member of the Association of South East Asian Nations (ASEAN) — Malaysia, Thailand, Indonesia and the Philippines.
The centre secs the Aslan NIEs' average annual GNP growth at seven per cent in 1993 and six per cent in 1992 against actual growth of 7.3 per cent In 1991. It secs the GNP of the four ASEAN countries growing at an average annual rate of 6.9 per cent in 1993 against 6.1 pcr.inent.
In countries like ‘South Korea. Thailand and Indonesia, economic growth slowed in 1992 because they have been trying to out domestic demand to reduce their current account deficits, the official said. The deficits were accumulated through recent rapid expan-
sion and as a result of imports to Improve Infrastructure, he said.
in Singapore and Taiwan, expansion was slower tn 1992 due to a fall in exports because their currencies have been stronger against the dollar and other foreign currencies, the official said.
In 1993. economic growth
China to get $103m ADB loan for environmental project
MANILA, Dec 12: The Aslan Development Bank (ADB) approved a 103 million US dollar loan for an environmental project to clean up Qingdao, one of the most polluted cities tn China, the ADB said in a statement. reports Reuter.
The project will help Improve air quality by curbing coal usage and water quality by providing a water treatment . plant.
The loan will come from the bank's ordinary capital resources. It will carry an interest rate determined according to the ADB's pool-based variable lending rate system for US dollar loans and will be repayable over 25 years, including a five year grace period.
in both groups will be up again because adjustment of domestic demand will be completed and the rise In Singapore and Taiwan currencies will stop, he said.
An expected recovery tn the global economy will help boost exports, he added.
In the eight countries studied GNP growth in Hong Kong and the Philippines will not follow the general trend tn the area, the research centre official said.
Hong Kong, strongly Influenced by the Chinese economy which is seen growing at an annual rate of 12 per cent In 1992, will see Its economy growing by 5.3 per cent up from Its actual growth of 4.2 per cent In 1991, he said.
The Philippine economy which fell one per cent tn 1991, is seen growing at an annual rate of 0.5 per cent in 1992, due to an expected improvement In Infrastructure including supply of electricity, he said.
The official said his centre sees the Chinese economy growing about 10 per cent 19M>—
He said that exports to Japan by the eight countries have not grown in 1992 but will rise slightly next year.
The eight countries depend largely on exports to the US, China and to each other, with exports to Japan about 18 per cent of total exports, he added.