Jeany Rose Callora left her home on the Philippine island of Negros last year to work at a soft- drinks factory in Manila, hoping to earn money for college. When her contract ended six months later, she said she couldn’t get another job in Southeast Asia’s fastest growing economy.
Emerging-market economic growth was probably the weakest since September 2011 last month as global demand for manufacturing and services declined, HSBC Holdings Plc said, citing a survey of purchasing managers.
Malaysia’s Anwar Ibrahim struggled to swing voters in government strongholds where his own ethnic group is dominant, thwarting his ambition to take power from a ruling coalition he helped lead before his ouster in 1998.
Australian Treasurer Wayne Swan said he supports Federal Reserve Chairman Ben S. Bernanke’s quantitative easing and Japanese Prime Minister Shinzo Abe’s reflation policy, in contrast to Europe’s hazardous pursuit of austerity as the world economy struggles to shake off the global financial crisis.
Central banks in Southeast Asia may be forced to abandon this year’s monetary easing and raise interest rates before their north Asian peers in 2013, as rising inflation risks overshadow the current economic gloom.