Regions and Countries

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p. 3 of 47 BACK | NEXT Developing Asia and the Pacific The global economy Newly industrialized economies Hong Kong, China Republic of Korea Singapore Taipei,China Central Asian republics, Azerbaijan and Mongolia People’s Republic of China Southeast Asia South Asia The Pacific

Newly industrialized economies

The strong economic recovery in the NIEs, which has occurred since 1999, accelerated in 2000. While growth in the Republic of Korea slowed slightly to 8.8 percent in 2000 from its previous high rate of 10.9 percent, all other economies saw significant increases in GDP growth. The rapid recovery from the financial crisis of 1997 largely resulted from a high level of consumer confidence, buoyant exports, and strengthened investor sentiment. Private consumption was robust in most of these economies, underpinned by increases in incomes. Gross fixed investment strengthened as firms upgraded their ICT facilities and expanded their capacities in infrastructure and manufacturing. As domestic demand continued to expand, inflation turned upward, but remained under control, with consumer prices increasing by less than 1.1 percent in 2000 for the NIEs as a whole.

Exports continued to play a key role in the recovery, spurred by external demand for electronic products and semiconductors in particular. While surpluses in the current account were maintained in all NIEs, the size of these surpluses decreased in Hong Kong, China and the Republic of Korea.

With the exception of the Republic of Korea, ADB has no operations in the NIEs.

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