World Economics - Insight , Analysis and Data

World Economics - Measuring the World

Measuring Asia-Pacific GDP

The Asia-Pacific region covers the countries around the Pacific Rim, South East Asia, the Indian Sub-Continent and Oceania. It contains three of the world’s largest economies outside the US: China, India and Japan. The quality of economic statistics varies widely across the region mainly due to differences in the resources available to national statistical offices in the large number of poorer countries. There are other data problems affecting inter-country comparisons: the use of old standards of national income accounting; the degree to which shadow and informal economies are under-recorded; and the use of outdated base years for the calculation of real GDP. On top of these issues there is the continuing question about the extent to which China’s economic data is subject to manipulation. Read ...

Data Releases - Sales Managers Indexes

New from World Economics: The Sales Managers' Index: Asia

Confidence among Sales Managers remains strong; meaning business conditions are to remain positive in the coming months for economic development.
New from World Economics: The Sales Managers' Index: China

  March 2015
The China Index brings together the collective wisdom of Sales Managers throughout China. The earliest source of understanding about what’s really happening in the China.

New from World Economics: The Sales Managers' Index: India

  March 2015
The Index signals that the Indian economy has been gaining momentum over the eighteen year. The Index remained stable at 68.2 in March, no change from February. This indicates that the economy is growing at a strong and steady pace. 

New from World Economics: The Sales Managers' Index: Mongolia

  March 2015
The March Headline Index value of 33.9 indicates that the economy continues to contract but at a slightly slower rate with business confidence exhibiting a slight improvement on previous months.

New from World Economics: The Sales Managers' Index: Philippines

  march 2015
The Sales Managers’ Indexes, taken as a whole, show that economic growth in Philippines has been very strong. The headline SMI at 83.0 is congruent with strong development. 

Data Releases - Growth Trackers

Growth Tracker: China

  March 2015
Leading indicators signalled strong economic growth, with the Li Keqiang Index rising to 158 in January. Total exports, however, registered a year-on-year fall of 3.3% in January compared to 9.7% in December.
Growth Tracker: India' Index: India

  MARCH 2015
The Indian economy grew at an annual pace of 7.5% in Q4 2014 compared to 8.2% in Q3 2014. Domestic demand continued to rise, with car sales registering a year-on-year rise of 3.14% in January. 

Recent Papers on Asia

  Poor Chinese Consumption Data
Creates Savings Myth

Chinese official statistics underestimate consumption expenditure on housing, they omit consumption paid for as benefits by the corporate sector and there are a number of problems with the household expenditure surveys. 

  Investing in Mongolia
The recent decision by Chalco, the aluminium company of China, to drop its US$926 billion takeover of a controlling interest mining company SouthGobi Resources has been a response to a wave of resource nationalism building up in Mongolia.

  Asset Poverty in Rural India
n order to formulate policy to target the correctly identified rural poor in India, focus on an income poverty measure alone is insufficient. The purpose of this study is to study a new area of poverty measurement based on a data which gives a household’s access to basic assets.

  Raising Consumption, Maintaining Growth and Reducing Emissions
China’s 12th five-year plan represents a radical change in strategy. China now sees its future growth within this strategy and accordingly as driven by: a rising share of consumption; moving to a low-carbon economy; and innovation. Two indicators are examined...

  Is Chinese Economic Growth Stalling?
An in-depth look at the differences in official economic data and private surveys, each shows a very different picture.

  Indian Wholesale and
Consumer Price Indices

The creation of the new index is a response to the findings of the National Statistical Commission which found deficiencies in the collection of price data and the compilation of indices.

  Why is the Chinese Saving
Rate so High?

China’s saving rate is high from many perspectives – historical experience, international standards and model predictions. Furthermore, the average saving rate has been rising over time.

  Vietnam: From Transitional
State to Asian Tiger?

Vietnams growth is still far behind the leading East Asian economies. We consider the Vietnamese growth strategy in light of the controversies about ‘accumulation vs assimilation’ and ‘non-intervention vs governing the market’.

More Papers From The Archive

  On Economic Growth and Domestic Saving in India
The onset of gradual economic reforms since the 1980s provided some fillip to growth, and the momentum was carried forward through the adoption of a wide-ranging structural adjustment program since the beginning 1990s.

  Recent Developments on the
Rare Earth Front

Chinese actions in the rare earths market have raised a number of concerns about the country’s motives in restricting exports. 

  Communist China’s Capitalism
This article explains the contemporary Chinese–American economic relationship as an ironic variant of the classical theory of capitalist imperialism. 

  A Rising Consumer Class
India has had two stages of growth, both related to consumption since 1947. The first was based on developing economic self sufficiency; the second on rising disposable income. It is now entering its third period...

  The Chinese Renminbi (Yuan)
This paper is a tentative endeavour to delineate the potential of the Renminbi to become a global currency. It first analyses the critical economic, financial and policy attributes that are required to support a currency to gain an international role...

  Measuring China’s Performance
China is the world’s fastest growing economy and is also the second largest. However, the official estimates of the Chinese National Bureau of Statistics exaggerate GDP growth and need adjustment to conform to international norms as set out in the 1993 System of National Accounts.

  Maddison and Wu: ‘Measuring China’s Economic Performance’
Maddison and Wu (2008) claim that, in 2003, China’s GDP was 73% of that of the United States on a purchasing power parity (PPP) basis. Rejecting the results of the 2005 International Comparison Program (ICP), they construct their own PPP using a 1986 GDP estimate for China.

  The Work of Angus Maddison
The late Angus Maddison (1927-2010) made an outstanding contribution to economic history. Following a career as a senior economist in the OECD he worked on a monumental statistical analysis of the historical growth in the world economy over 2000 years including China.

  Building on Angus Maddison’s Work
 This article argues the case for continuing and building on Maddison’s work through a wide-ranging cooperative scholarly programme.

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