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Asian Development Outlook 2003: Competitiveness in Developing Asia

Asian Development Outlook 2003: Competitiveness in Developing Asia

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This 15th edition of the Asian Development Outlook provides a comprehensive analysis of 41 economies in Asia and the Pacific based on the Asian Development Bank's in-depth knowledge of the region. It also includes a broad diagnosis of macroeconomic conditions and growth prospects for the region in 2003-2004.
This 15th edition of the Asian Development Outlook provides a comprehensive analysis of 41 economies in Asia and the Pacific based on the Asian Development Bank's in-depth knowledge of the region. It also includes a broad diagnosis of macroeconomic conditions and growth prospects for the region in 2003-2004.

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Published by: Asian Development Bank on Feb 24, 2011
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02/11/2013

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Special Chapter
 Competitiveness in Developing Asia
Published for the Asian Development Bank by the Oxford University Press
2003
Outlook
 
1
Oxford University Press is a department of the University of Oxford.It furthers the University’s objective of excellence in research, scholarship,and education by publishing worldwide inOxford New York Auckland Bangkok Buenos Aires Cape Town ChennaiDar es Salaam Delhi Hong Kong Istanbul Karachi KolkataKuala Lumpur Madrid Melbourne Mexico City Mumbai NairobiSão Paulo Shanghai Taipei Tokyo TorontoOxford is a registered trade mark of Oxford University PressPublished in the United Statesby Oxford University Press Inc., New York © Asian Development Bank 2003First published in 2003This impression (lowest digit)1 3 5 7 9 10 8 6 4 2All rights reserved. No part of this publication may be reproduced,stored in a retrieval system, or transmitted, in any form or by any means,without the prior permission in writing of the Asian Development Bank.This book was prepared by the staff of the Asian Development Bank,and the analyses and assessments contained herein do notnecessarily reflect the views of the Board of Directorsor the governments that they represent. The Asian Development Bank does not guarantee the accuracy of the data included in this publicationand accepts no responsibility whatsoever for any consequence for their use.The term “country” does not imply any judgment by the Asian Development Bank as to the legal or other status of any territorial entity.Published for the Asian Development Bank by Oxford University PressBritish Library Cataloguing in Publication DataavailableLibrary of Congress Cataloging-in-Publication-DataavailableISBN 0-19-596278-8ISSN 0117-0481Printed in Hong KongPublished by Oxford University Press (China) Ltd18th Floor, Warwick House East, Taikoo Place, 979 King’s Road, Quarry Bay Hong Kong
 
Foreword
T
he
Asian Development Outlook 2003
is the15
th
edition of the annual comprehensiveeconomic report on the developing membercountries of the Asian Development Bank (ADB).The
Outlook
provides a detailed analysis andassessment of macroeconomic trends, includingfiscal, monetary, and balance-of-payments devel-opments, for 41 Asian and Pacific economies for2002, as well as projections for 2003 and 2004. Italso provides a broad diagnosis of macroeconomicconditions, future growth prospects, and progress inpoverty reduction in the economies of the region.After a marked slowdown in 2001, both theworld economy and developing Asia got off to astrong start in 2002.  As the year advanced, however,the pace of growth in the major industrial coun-tries slowed and became more uneven. The UnitedStates’ economy showed strong growth in the firstand third quarters of 2002, but weaker performancetoward the end of the year kept its overall recovery below expectations. Economies in the euro area didnot perform as vigorously as projected at the begin-ning of the year. In Japan, despite stronger thanexpected growth in gross domestic product in thesecond half of the year, the economy expanded only slightly in 2002.In contrast to the industrial countries, economicgrowth in developing Asia generally strengthened,accelerating further in the second half of 2002 asexport demand picked up. Expansionary fiscalpolicies and accommodative monetary policies,mainly in East and Southeast Asia, contributed tothe strengthening of aggregate demand, particularlconsumption, while firmer export markets provideda boost to industrial production.Growth projections for the global economy for 2003 have recently been adjusted downward,reflecting economic slowdown in industrial coun-tries in the early part of the year, concerns aboutthe consequences of the severe acute respiratory syndrome (SARS) epidemic in Asia, and uncertain-ties, though diminished, relating to the situation inIraq. Sound policies and structural reforms remainessential for achieving robust, sustainable economicgrowth.In developing Asia, aggregate growth projec-tions have been reduced from those made at theend of last year. Revised estimated growth of 5.3% for developing Asia, with steady domesticand export demand in most countries, will still berobust in 2003 compared with all other regions inthe world. Macroeconomic policies are expectedto remain generally supportive. However, theeconomic outlook for Asia is highly dependent onthe trends in the global economy, and susceptibleto the risks associated with disruptions in tourismas well as other regional and international marketsresulting from current uncertainties, including theSARS epidemic.This year’s
Outlook
contains a theme chapteraddressing the issue of competitiveness, a topichigh on the agenda of policy makers in Asia andthe Pacific whose economies face rapid globaliza-tion, constant changes in technology, and increasingcompetition. The chapter analyzes the natureand role of competitiveness in national economicdevelopment, emphasizing that competition is firstand foremost a firm-level issue. At the same time,governments play a key role in developing appro-priate policy measures and creating a conduciveenvironment that will enable the private sector tocompete in the global market place.The preparation of the
Outlook
was madepossible through the efforts of many individualsboth inside and outside of ADB. I would like tothank external economists and policy makers fortheir valuable insights and inputs. I would like toacknowledge the contribution of the economistsfrom ADB’s five regional departments and the resi-dent missions as well as those from the Economicsand Research Department. The publication wouldnot have been possible without the support of ADB’s Office of Administrative Services and theOffice of Information Systems and Technology.Finally, the advice and assistance of the Office of External Relations in disseminating the
Outlook
 
aregratefully acknowledged.TADAO CHINOPresident

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