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The Year of the Tiger roars in with confidence
3rd February 1998 Back to Asia Pacific Management News Menu | Asia Business News Portal | Asia Business News Feeds | Asia Pacific Management Forum
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The lunar new year, appropriately of the Year of the Tiger, delivered good
news to stalling Asian economies, reversing the gloom and doom ushered in
by the Western New Year one month ago.
Far be it from the Rat to say we told you so, our prediction a fortnight ago that the Asian stock and currency markets had bottomed out and stabilised has been vindicated by the runs on the board since and surely demonstrate that that "hint of a smile" on the face of the tigers may well have become a touch broader. ..And there are even signs of a sustained recovery... AFP reports that Asia currencies rose against the US dollar while stocks gained 14.3% in Hong Kong, 14% in Jakarta, 13.7% in Singapore, 12% in Bangkok, 10% in Manila and 4% in Taipeh, attributed to the successful restructuring of South Korean commercial debt, "Indonesia's efforts to negotiate a similar deal", and "Thailand's decision to abolish restrictions on currency trading". Malaysians were still enjoying a national holiday yesterday, but similar gains are expected there today, and Sydney also showed positive moves. See the Hong Kong Standard Report as well. All this is not to suggest that there is time for celebration, and that events of the last seven months were indeed a "hiccup", as some correspondants are now suggesting to the Rat. There were, and will continue to be, saluatory lessons to be learned... The knock-on effects to the man on the street and local businesses are just about to be felt. ..There will be corrections, ..and the recovery has only started. Ignoring the lessons of the past 7 months, chronicled in our recent items and archives, will put that very recovery at risk...
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