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Prices for pre-owned homes are currently falling modestly, but the rate of fall is picking up. Prices were still rising in 2010-2011, at an annual average of 5% and 6%, whereas other real estate markets across Europe were falling. The start of a fall-off became apparent in 2012. Prices fell by 0.3% year-on-year in the Q2, by 1.6% in the Q3, and 1.7% in the Q4. Over the full year, the fall was close to zero, at -0.4%.
The ratio of public debt to GDP, which stood at 90.2% of GDP in 2012, is forecast to rise to 93.6% in 2013. In 2014, the public debt ratio is likely to see a moderate increase to 94.3%. It should begin to fall from 2015.
Households dipped into savings to offset the impact of declining revenues on consumer spending, which declined only 0.1% qoq. The household savings rate dropped 0.6 points to 15.6% in Q4, from 16.2% the previous quarter.
In the ASEAN-4 countries and in Vietnam, governance is very poor quality. The sole exception is Malaysia. The regulatory environment is more often than not complicated and lacks transparency, which is an invitation to free appreciation by the administration and the arbitrary application of the law.
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