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The article focuses on economic activity in Asia, as well as the saving surplus in East and South-East Asia. Emerging economies are piling up current-account surpluses. The role of oil prices in today's global imbalances is often overlooked, but surplus saving in oil-exporting countries, as a group, is now the biggest counterpart to America's deficit. A sudden windfall of wealth from a "terms-of-trade shock" initially tends to be saved not spent, and national saving rates in oil-exporting countries have recently shot up. Sun-Bae Kim of Goldman Sachs, an investment bank, points out that investment rates in emerging Asia as a whole, including China, look much healthier than in the region outside China. But emerging Asia's biggest investment weakness is outside the export sector. The mystery is that rapid export growth has not translated into higher domestic-sector investment, especially as real interest rates in the region have been low or even negative for much of the past three years. Most analysts blame Asia's currency policies. Not everyone agrees. Jonathan Anderson, an economist at UBS, maintains that Asia's central banks are holding their currencies down not in order to boost exports at the expense of domestic consumption, but rather because domestic demand is so weak. Nonetheless, there are some tentative signs of an upturn in domestic demand. The region's stockmarkets have risen by $1.6 trillion since 2001, equivalent to one–third of nominal GDP. Residential property prices have picked up. Several economies in the region have already seen their current-account surpluses shrink. Thailand's current account even moved into deficit this year. As these countries are oil importers, high oil prices will also reduce the region's surpluses. Emerging Asia's willingness to send its savings abroad may have peaked. But given the region's recent history, the odds are that the adjustment will be gradual.

The article reports on emerging economies. The International Monetary Fund expects "emerging market and developing countries" to grow by 6.6% this year, the fastest pace for at least 30 years. Asia and the former Soviet Union are both expected to see GDP increase by close to 8% this year. Latin America, central and eastern Europe, the Middle East and Africa are all tipped to grow by around 5%. Top of the league are Turkey and Venezuela: both countries' GDP shot up by more than 13% in the year to the second quarter. China continues to grow at an annual rate of almost 10%. More surprising, given their history, are the performances of India, Argentina and Russia, which all enjoyed GDP growth of 7% or more in the year to the second quarter. The latest spurt is the result of several favorable factors. Strong demand in America and China has boosted global trade and triggered a surge in commodity prices. Low global interest rates have also reduced debt-service costs, and the fall in the dollar has improved the competitiveness of those currencies. Thanks in large part to higher commodity prices, even Africa's prospects are better than for many years. The continent is also benefiting from a recovery in agriculture after severe droughts in 2003 and from greater political stability. Despite all this, there are lots of risks that might trip up emerging economies. A slump in demand in America or China and a consequent fall in commodity prices is one possibility. A further rise in oil prices is another. A sharp rise in global interest rates is a third. However, some of the risks offset one another. Emerging European economies have the least healthy external position. Hungary's frighteningly large current-account deficit, of 9% of GDP, and its reliance on short-term capital inflows are ringing alarm bells.

The article provides data on economic conditions in developing countries as of July 2, 2005. New figures show that industrial production has slowed sharply in Asia. Singapore's output grew by only 1.7% in the 12 months to May, down from growth of 19.6% a year ago. South Korea's growth slowed from 13.9% to 4.3% over the same period. Taiwan's output fell by 1.4% in the year to May, compared with growth of 16.4% a year earlier. Mexico's 12-month trade deficit widened to $9.9 billion in May--its biggest since 2001.

The article provides data on economic conditions in developing countries as of June 11, 2005. Having suffered both a drought and a deluge, Thailand's economy contracted in the first quarter for the first time in four years. GDP fell by 0.6% in the quarter, but the economy was still 3.3% bigger than the year before. Taiwan's exports rose by only 4% in the year to May, after growing by 11.2% in the year to April. The government blamed weak global demand for technology products. In Malaysia, industrial production grew by 6.8% in the year to April. Inflation is regaining strength in Turkey. Consumer-price inflation rose to 8.7% in May, after slowing earlier this year. Venezuelans are more confident than most others that their personal fortunes will improve, according to NOP World, a market-research organization. It asked consumers in 30 countries whether they thought their economic situation would get better over the coming year, and whether now was a good time to spend money. The percentage of respondents answering yes determines a country's rank in the index. A score greater than one shows that the proportion of confident consumers in that country exceeds the world average.

The article presents data on economic conditions in developing emerging markets and developing countries as of May 7, 2005. Industrial production recovered in Singapore and Thailand, increasing by 8.3% and 7.1% respectively in the 12 months to March. In the Philippines, it rose by 2.4% in the year to February. Turkey's consumer prices rose by 8.2% in the year to April, a bit faster than in March. Inflation also picked up in Thailand, reaching 3.6% in the year to April. Prices rose in India by 4.2% in the year to March. South Korea chalked up a trade surplus of $28.8 billion in the year to April; Malaysia ran one of $22.8 billion in the year to March. Statistics on 25 emerging economies, plus a closer look at e-business. Denmark is still the best place in the world to do e-business, reports the Economist Intelligence Unit, a sister firm of The Economist. It has ranked the "e-readiness" of the world's 65 largest economies to find the countries most amenable to internet-based business. The factors considered include broadband and mobile-phone penetration, as well as government regulation. America rose from sixth to second place in the ranking since last year. Britain fell from second to fifth place. India, despite being an IT superpower, is ranked only 49th.

The article presents data on emerging-market indicators. Several Asian economies reported healthy growth. In the year to the third quarter, GDP grew by 7.2% in Hong Kong, by 6.8% in Malaysia and by 6.3% in the Philippines. Indonesia's economy was the laggard by comparison. Growth was 5.0% in the y ear to the third quarter, and consumer-price inflation ran at 6.2% in the year to November. Brazil's economy grew in the year to the third quarter by 6.1%, it's fastest pace in eight years. Colombia's economy grew my 2.4% during the same period.

This section presents economic and financial data on 25 emerging-market countries. South Korea's GDP growth accelerated to 5.3% in the year to the first quarter, from 3.9% in the year to the fourth quarter. Malaysia's GDP growth rate rose to 7.6% from 6.6% over the same period. Indonesia's rate also rose, to 4.5% from 4.1%. South Africa saw much more modest growth of only 1.9% in the year to the first quarter. Most emerging markets have become less risky during the past year, according to the latest country-risk analysis by the Economist Intelligence Unit, a sister organisation of "The Economist." The rankings combine measures of political risk (such as the threat of war) and economic risk (such as the size of fiscal deficits).

Presents emerging market indicators. Rise in the gross domestic product for the Czech Republic; Asian industrial production, which is increasing compared with the same period, 2002; Value of the Chilean peso; Release of the report, "State of the World's Children," from UNICEF, which describes worsening education conditions for girls worldwide; Others.

Presents tabular data pertaining to emerging-market indicators as of June 22, 2002. Decrease in Asian stock markets; Drop in Argentina's gross domestic product (GDP); Inflation increase in South Africa; Statistics regarding the economies and financial markets of developing countries.

Presents tabular data pertaining to emerging-market indicators as of January 19, 2002. Percent changes in emerging-markets' gross domestic product (GDP) since 2001; The spread of deflation through Asia; The drop in industrial production in Brazil and Mexico; The gain in genetically modified crops.

Focuses on emerging economies, and how they have been affected by terrorist attacks on the United States. Concerns about debt in developing countries, including Argentina; Threats posed by weak export demand in Asia; Impact caused by the price of commodities and a slump in worldwide demand for products.

Presents charts and diagrams indicting the financial status of emerging economies around the world as of September 1996. Statistics on the current-account deficits amongst emerging economies in Asia; Status of government finances in emerging economies.