AccessMyLibrary provides FREE access to millions of articles from top publications available through your library.
(From New Straits Times (Malaysia))
IF the sharp rise in the price of crude oil is not enough cause for conceern, the slowing down of China's red-hot economy and the impending rise in interest rates in the United States could also affect the delicate recovery the world economy is just entering.
(US interest rates are expected to rise at the earliest in this third quarter before the US presidential elections.) Though they may all not happen at the same time to warrant a Perfect Storm like the 1991 blockbuster film about three fiery hurricanes that converged to form the biggest story the world has ever seen, nevertheless there are concerns.
Sceptics, however, say each storm would affect different countries in different ways and in different degrees.
Thus, they argue, not all countries will end up being affected by all three storms at the same time.
Whatever the opinion on the effects of the three storms, the consensus is that that due to the multiplier effects in this very connected world today, the greatest effect will be felt in the Asia-Pacific.
The exceptionally optimistic economic upturn in most of the Asia-Pacific countries in the last few years since the 1997-98 financial crises has been attributed by many to the economic emergence of China, thanks to the US forcing it to join the World Trade Organisation.
Asia-Pacific countries, especially the five major Asean countries, have become an extremely globalised economy. ..TX: Rising crude oil …