New report ranks 21 Rated Asia-Pacific Sovereigns
Singapore - As expected China will lead Asia-Pacific sovereigns in terms of economic growth in 2007, followed closely by Kazakhstan and India. Although Japan remains the largest economy in the region, it could be overtaken within a decade if China’s phenomenal growth continues. Key economic forecasts for the Asia-Pacific region were published by Standard & Poor’s Ratings Services this week in a report titled “The Best And The Rest: The Asia-Pacific Sovereign League”. “It is expected that growth dynamics in Asia Pacific will remain robust, with a regional unweighted average growth rate of 5.3%, compared to 5.6% in 2006,” said Standard & Poor’s credit analyst Yee Farn Phua of the Sovereign Ratings group. “This is still short of the 2000 record of 6.1%, although that was an exceptional year in which many Asian economies recovered from the lows of the Asian financial crisis.” “On the fiscal front, Singapore tops the regional rankings with a fiscal surplus of 5% of GDP expected in 2007, followed by oil and gas exporter Kazakhstan with an expected surplus of 3.2%,” said Phua.