1 South Korea growth at five-year high (BBC) South
Korean economic growth hit a five-year high in the third quarter of the year,
coming in ahead of estimates. The country's economy grew 2.6% in the three
months to September over the same period the previous year. From the second
quarter, growth was up 1.2%, marking the biggest jump since 2010.
South Korea's economy had been held back by the
effects of the deadly Mers virus affecting tourism and domestic spending in the
first half of the year. A weakening global demand had hit the country's exports
with car maker Hyundai just yesterday releasing disappointing results.
Yet the central bank's data showed that a sharp
recovery in domestic demand more than offset the drop in exports. The weaker
growth rates over the past quarters had led to the government launching various
stimulus packages and the central bank to lower interest rates twice this year
hoping to boost growth and spending.
2 Thailand forecasts record tourists (San Francisco
Chronicle) A deadly bombing in August threatened to scuttle Thailand's
economically crucial tourism industry but officials are now forecasting more
than 30 million visitors this year as arrivals from China swell.
The bounce back reinforces the teflon reputation of
Thai tourism, which has thrived over the past decade despite two coups,
episodes of deadly street fighting, airport occupations and natural disasters.
Thailand's tourism council is forecasting a record
30.3 million visitors this year, an increase of 22 percent from last year.
Chinese tourists are expected to total 8.1 million, rising by three quarters
from 2014. Only a small number of countries attract more than 30 million
tourists a year, among them France, China, the US, Spain and Turkey. Thailand
was aiming for 28.8 million tourists this year.
Tour operators say Thailand's resilience reflects
the variety it offers from high-end shopping in busy Bangkok to idyllic beaches
in the south and laid back small cities in the north. Thailand has also
cultivated a reputation for friendliness and value that is particularly
appealing in countries such as China, which has only recently reached income
levels high enough for large numbers of people to travel abroad on holidays.
3 UAE fifth richest on built assets per capita
(Khaleej Times) The UAE has become the world's fifth richest country per capita
measured by the value of its built environment according to the latest Global
Built Asset Wealth Index published by Arcadis, the leading global Design &
Consultancy firm for natural and built assets. The UAE makes up the top five
behind Qatar, Singapore, Hong Kong and Japan, with built assets of $140,500 for
every citizen.
The index calculates the value of all the buildings
and infrastructure that contribute to economic productivity in 32 countries,
which collectively make up 87 per cent of global GDP. "The health and
wealth of a nation can be measured in many different ways and while factors
such as GDP or employment have great value, a prosperous society is underpinned
by a well-developed built environment that meets the needs of its people and
economy," said Alan Richell, head of Business Advisory in the Middle East
at Arcadis.
"To date, Dubai alone has built 190 skyscrapers
since the millennium and is developing its economic diversification plans even
further in sectors such as tourism, financial services and education."
Qatar and Singapore stand comfortably ahead of the
pack on built assets per capita, at $198,000 and $192,000 respectively. The
countries near the top of this ranking are disproportionately made up of
smaller nations, either by population or area, so the density of the built
asset stock is much greater per resident.
Total built asset
wealth globally now stands at an estimated $218 trillion, which is the
equivalent to $30,700 per person alive today. The stock of built assets is
closely correlated with a nation's economic output. On average, countries
analyzed have a built asset stock worth 2.9 times GDP. China now has a built
asset wealth of $47.6trillion, overtaking the USA which comes second with a
wealth of $36.8trillion.
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