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Asia's Second Wind

November 2009


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This month, 21 countries – who together account for roughly 40.5% of the world’s population, 54.2% of world GDP and 43.7% of world trade – will cosy up to each other in Singapore at the 20th Asia-Pacific Economic Cooperation (APEC) forum, the region’s “premier forum for facilitating economic growth, cooperation, trade and investment”. While this is the first time that the APEC forum has been held in Singapore, this year the intergovernmental schmoozing over beef satay and pencil-chewing at the “Rebuilding the Global Economy” CEO Summit takes place against a far more interesting backdrop. The Asian region is currently showing some of the strongest economic growth rates in the world. China and three other countries – Korea, Indonesia and Singapore – recorded annualised growth rates of 10% or more in the second quarter of this year, the highest in the Asia-Pacific region. China’s economy iASIAs on track to easily grow more than 8% this year, with a further 9.3% expected in 2010. Asian GDP as a whole increased 3.5% in the second quarter following a 1% contraction in the previous quarter, a remarkable bounce that also rested on a recovery of import volumes reflecting higher domestic consumer spending and consumption. A major factor behind the Asian recovery – apart from the multiple levers Beijing can deploy over the financial system, of course – is the can-do spirit the region is famous for. Over the next few pages we highlight some of the most dynamic and entrepreneurial companies in these countries. These include Aneka Kimia Raya, a fuel distributor from Indonesia; China’s largest wind turbine maker, Goldwind Science and Technology; Shinhan Financial Group from Korea; and Fresbo World from the host nation. Along the way we feature an interview with the boss of global consultancy company McKinsey, Dominic Barton, who’s bullish about Asia and worries about European companies who don’t get a foothold there soon. 


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