FINANCIAL AND ECONOMIC STATISTICS
FOR A GLOBAL ECONOMY:
SUSTAINABLE DEVELOPMENT IN ASIA
by
Dr Soon Teck Wong
?T Introduction
The recent Southeast Asian currency crisis that begun with the floating of the Thai baht and the ensuing attacks on other Asian currencies such as the Indonesian rupiah, Malaysian ringgit and even the Singapore dollar is a grim reminder of the stark reality of the global economy. Thailand's financial crisis, and the contagion it spawned in equity and currency markets across Southeast Asia is reminiscent of the Mexican crisis. The IMF-World Bank meeting in Hong Kong re-affirmed the need to focus on the intertwined world economy of crossborder commerce, labour and capital flows, and the mutual interdependence among economies.
The recognition of increasing mutual interdependence among Asian economies encourages international co-operation in times of difficulties, and is essential for sustainable development. The globalisation of economic activities means that the fortunes of countries are increasingly inter-linked. Monitoring of the domestic economy within a national boundary is no longer sufficient. With increasingly complex economic linkages, data on trade and investment flows among companies operating locally and overseas are in greater demand. Further, as shown by the recent financial turmoil in Southeast Asia, events in one country do not remain isolated within that country for long. The ramifications of these events across national borders could result in possibly adverse consequences for neighbouring countries, even if their economies are built on sound macro-economic fundamentals.
The ability of market participants and analysts to understand and appreciate financial and economic developments in various countries depends on the availability of timely financial and economic data. In fact, soon after the
