Penang Economic Conference is inaugurated
East Asia has emerged from the recent financial crisis relatively unscathed. Fundamentals in the region are strong, and the OECD forecasts that by 2030, the size of the middle income class in Asia-Pacific will have grown six-fold and command 59% of global spending. At the same time, the level of human capital development is encouraging with significant investment being made in education and with thousands of students pursuing tertiary education yearly.
Nevertheless, East Asian economies have been negatively affected by the economic slowdown in Europe and the US. Although the US economy has shown signs of recovery lately and the Eurozone debt crisis has stabilised, global trade is only growing tepidly.
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