Word: kong
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...most valuable assets. Sean Gregory writes about a new minimalist model for the shopping experience, and Bryan Walsh looks at how the suburbs are reimagining themselves now that the economy can no longer support the massive shopping centers that used to define them. Krista Mahr in Hong Kong reports on how the crunch is fueling a new kind of international trade: countries with money but little arable land are renting huge tracts from countries rich in soil but poor in cash. Alex Perry zeroes in on the unexpected star of the global economy: Africa...
...jobs for impoverished farmers, established infrastructure to supercharge commercial development and otherwise produced wealth that South Korea could never have generated by itself. Eager to raise living standards in their own countries, Asian policymakers and business people latched on to that formula. The economies of South Korea, Taiwan, Hong Kong and Singapore did so with such success that they became known as the Asian tigers. Their growth model produced miracles--and, as Park said in a 1965 speech, exports were "the economic lifeline...
Overall economic growth is following suit. In the fourth quarter of 2008, Taiwan's GDP contracted 8.4% from the same period a year earlier, making it the worst quarter on record. South Korea's GDP shrank 3.4%, Singapore's fell 4.2%, and Hong Kong's dipped 2.5%. Eric Fishwick, head of economic research at the brokerage CLSA in Hong Kong, predicts the dismal numbers will persist. He expects GDP in Taiwan and Singapore to contract at double-digit rates this year. "We've never seen an external shock in Asia like this," says Fishwick...
...tigers really want to thrive, the answer might lie in rejecting a legacy of Park Chung Hee: the idea that government alone can successfully engineer high economic performance. Jim Walker, an economist at the research firm Asianomics in Hong Kong, argues that Asia's politicians still intervene too much in their economies instead of allowing market forces to work. "What governments need to do is start trusting their own people rather than hoping the West is going to get it right all of the time," Walker says. For the tigers to keep roaring, they may need to find their future...
...things to do in Hong Kong...