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Asia Drives Global Growth
Source: http://www.nationmultimedia.com/
Source Date: Friday, October 15, 2010
Created: Oct 17, 2010

The spending power has already shifted away from the richest countries towards a growing middle income bloc, he said. Thailand as a small country increases the bargaining power with the collective force with Asean. From 60 million population, the market is enlarged to about 600 million. As the regional cooperation is extended to include other Asian superpowers in other sub-regions, the size is enlarged. Together, Asean +6 countries showed the big economic size of US$12.25 billion or 22 per cent of global GDP, on the support of 3.2 billion population.

 

David Carbon, managing director for Economic and currency research, DBS Bank, Singapore, supported this view. As speed of economic growth is used to measure who is going to drive the global economy, Asia demonstrated the biggest strengths compared to the G3 - the US, Japan and Europe.

 

He noted that Asia's strengths were less obvious, due to its small economic size. However, the continued expansion against weakenings in G3 countries, Asia will soon have the right combination to drive the global growth.

 

"Asia grew really fast for a long, long time, 10 years, but never drove the global growth because of its small size. To drive the global, you need the combination of size and speed."

 

In 1998, Asia generated US$0.49 per dollar generated by the US. However, in the past five years, the figures rose as Asia showed a bigger improvement in demand and supply side than in the rest of the world.

 

Rory Byrne, founder and owner of Power Byrne, London - which is specialised in promoting luxury travelling business, added that under this circumstance, Thailand stands to benefit due to its reputation in the luxury travel market. 

 

For family travelling market, there is no reason why Thailand could not attract more travellers. However, Thailand is yet to improve the environment to increase safety for children. He referred to a recent survey that family travellers are the most concerned in food and beverages, excellent services and trust in safety and security environment.

 

 

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