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Western Europe
Following the accession of ten new member states to the Union on 1 May 2004,
the EU is likely to refocus on consolidation in 2005.
Politically, this is embodied by the European Constitutional Treaty, agreed
by European heads of state and government in June 2004 and now open for
ratification by member states until October 2006.
The pragmatic concern of saving the EU from political paralysis has
superseded integrationist fervour, which originally drove the idea of a
constitution.
Focus on Taiwan
Going forward, we expect prompt and late payments to remain broadly stable at
around their present levels. Prompt & late payments are expected to remain stable.
According to D&B’s payments performance data, the proportion of prompt payments
increased in Q3 2004 to 59.1% from 56.6% in Q2 2004, while payments made 30 days
beyond terms fell from 43.0% of the total to 40.6% over the same period.
Asia Pacific
China's economy is undergoing profound structural change as real GDP growth
approaches 10% per annum.
An industrial revolution that in the West unfolded over several decades is
being compressed in China into perhaps a single decade.
The bewildering pace and extent of the changes undergone by different sectors
and in the make-up and economic geography of the country as a whole are
challenging the ability of the central government to keep pace.
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