Word: asianization
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...China is the most obvious case in point. Its oil consumption per unit of GDP was double that of the developed-world average in 2004. China, like many Asian countries, tends to subsidize the price of retail energy products. While that means the blow of higher oil prices is softened for Chinese consumers, a heavy toll is taken on the government's finances. Moreover, about a third of China's total exports go to the U.S. That means one of China's largest and most dynamic sectors is very much a levered play on the staying power of the American...
...rest of Asia may not be in much better shape. Still lacking in support from domestic demand, most other Asian economies have become tightly integrated into a Chinese-centered manufacturing supply chain. To the extent that China's exports to the U.S. slow as American consumers are shaken by surging energy bills, production adjustments will ripple through Korea, Taiwan, Singapore, and Malaysia. That's yet another manifestation of the interdependencies of globalization...
...only half as efficiently as the developed world. Like China, India heavily subsidizes its domestic pricing structure of retail energy products, meaning that rising energy costs will adversely effect its already strained fiscal position. Consequently, while Japan and India are somewhat less exposed to soaring energy prices than other Asian economies, they can hardly be expected to emerge unscathed...
...million Number of children in Asia, out of 1.27 billion, who lack access to at least one basic human need?food, potable water, health care or shelter?according to a report by development agency Plan 350 million Number of Asian children without access to two or more basic human needs, twice as many as in sub-Saharan Africa...
...impact of the 21st century's first oil alarm was equally apparent in other developing Asian countries. In Indonesia?a proud member of the OPEC cartel, never mind the fact that it's now a net importer of crude oil?the currency is in free fall and the government is burning through its foreign exchange reserves, thanks to a longstanding and increasingly ruinous policy of providing subsidized fuel to consumers. Gasoline in Jakarta costs a mere 27? per liter; some economists worry that if the government continues to spend an estimated $1 billion a month on fuel subsidies...