I read The Jakarta Post this morning and I found a long long article regarding the only 3 countries in Asia which are virtually safe from being eaten by the global downturn. Well, in that article, the three countries are not very safe and sound, they’re also badly affected, but in minimal impact. I think you know which countries they are. Yes, China, India, and Indonesia – let’s shortcut it with CHINDONESIA. Chindonesia is said to be the backbone of economic revival in Asia, in their own scale.

Indonesia will pull other drowning Asean members to come back to surface. Our neighbors in the Association of Southeast Asian Nations (ASEAN) are sinking below zero level. Malaysia, Singapore, and Thailand are all predicting negative growth in 2009. The Ministry of Trade and Industry (MTI) of Singapore has revealed that Singapore’s economy contracted by 19.7 percent for the January to March period. Malaysian exports have declined for five months in a row, but the decline in February 2009 (-15.9 percent) has narrowed from -27.8 percent in January 2009. The mix between political and economic crises has proven to be very a combustible portion and not conducive to growth.

While China will grow at 6.5 % to 7 % pace, India will be around 4.5% to 5 %, and Indonesia will be around 3.5% to 4% this year.

The world has drawn a lesson that financial centers and financial services are no longer preferable. New York, Singapore, and Hongkong have long been enjoying their wealth as they open up huge space as financial centers. When things became bad, companies will (and have)  relocate(d) to Chindonesia for obvious reasons. All three countries have based their economies on the real sector. Agriculture and mining in Indonesia, manufacturing goods in China, and IT services in India are the backbones of these economies.

In 2006 PricewaterhouseCoopers (PWC) coined the term the “Emerging Seven” (E-7), namely China, India, Brazil, Russia, Indonesia, Mexico, and Turkey – that its says will replace the G-7 (the United States, Japan, Germany, UK, France, Italy, and Canada) as the global economic powerhouse and will be around 50 percent larger than the G-7 by 2050.

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