The IMF’s twice-yearly World Economic Outlook is always a rich source of economic data and analysis.
The following table on the economic situation in selected Asian economies is informative.
The dynamic non-Japan Asian economies are a far better benchmark for New Zealand than the ‘old’ OECD members. Hong Kong and Singapore have per capita incomes that are much higher than New Zealand’s and Korea and Taiwan are fast out-pacing us. Growth rates in China and India are changing the face of the world economy.
The table shows that New Zealand’s economy is projected to grow more slowly in the three years to 2012 than all other Asian countries and sub-regions in the table.
Hong Kong and Singapore are still notching up fast growth rates (a phenomenal 14.5% last year in Singapore) and very low rates of unemployment. The main concern in the region is over-heating.
Another table in the report shows that the sub-Saharan African economy is showing extraordinary promise, with annual growth rates rising to around 6% in the period.