Asia Centre of the World Economy
Posted by Rebecca Sale on 10 th in Asia Property News, DSR, Investment Property on 10th of November 2010WITH impeccable credentials that are recognized and respected in financial and academic institutions around the globe, the words of eminent Singaporean economist Dr. Yuwa Hedrick-Wong bear considerable weight. So when Dr. Yuwa visited the Philippines in his capacity as economic adviser for MasterCard Asia-Pacific/Middle East and Africa, the good and the great of the local banking and economic fraternity were all ears.
By Dr. Yuwa’s learned reckoning, Emerging Asia—and that includes the Philippines—is out of the woods and is in fact pulling ahead. And according to him, gone are the days when the maxim that when America sneezes the rest of the world catches a cold held true.
The cold reality of today’s world is that Asia—led by powers players China, India, Japan and South
Korea—will drive the US economy and, indeed, the other G-7 economies too.
“In the next five years, the economies of China and India combined will be the biggest economy in the world. It is a first time in global history that Asia will at the centre of the world economy,” he said.
Speaking of the Philippines, he struck a bullish note. “The Philippines is not in a recession. Philippine exports, which used to be primarily focused on American and western markets, have shifted to China.
Martin Foster Investment Risk Analyst at DSR Asset Management commented that “Asia has been very much a main-stay for our business during the global economic slowdown, a combination of good pricing and relative economic stability has maintained investor confidence when it was lacking elsewhere”
