Bloomberg LP General Description of Research Object

59 Meanwhile, the highest CDS spreads value produced by Portugal in 2011 that is 1081.87 bps. Portugal has the highest value of CDS spreads because, at the time, Portugal was affected by the crisis that faced by Greece. Since Portugal and Greece are the member of Eurozone, thus, Portugal has a great potential to affected by the crisis as an impact of Greece debt crisis. It makes the investors have a less conviction toward the Portugal ’s ability to pay the interest and principals, thus it makes its CDS spreads increase sharply in 2011. Table 4.3 GDP Growth in percent No Countries Name 2009 2010 2011 2012 2013 1 China 9.2 10.4 9.3 7.7 7.7 2 Germany -5.1 4 3.3 0.7 0.4 3 Hong Kong -2.5 6.8 4.8 1.5 2.9 4 Indonesia 4.6 6.2 6.5 6.3 5.8 5 Ireland -6.4 -1.1 2.2 0.2 -0.3 6 Italy -5.5 1.7 0.4 -2.4 -1.9 7 Japan -5.5 4.7 -0.5 1.4 1.5 8 Malaysia -1.5 7.4 5.1 5.6 4.7 9 Philippines 1.1 7.6 3.6 6.8 7.2 10 Portugal -2.9 1.9 -1.3 -3.2 -1.4 11 South Korea 0.7 6.5 3.7 2.3 3.0 12 Spain -3.8 -0.2 0.1 -1.6 -1.2 13 Thailand -2.3 7.8 0.1 7.7 1.8 14 Vietnam 5.4 6.4 6.2 5.2 5.4 Source: data processed 60 Table 4.3 shows that the lowest GDP growth resulted by Ireland in 2009, that is -6.4. Ireland has the lowest value of GDP growth as an impact of subprime mortgage crisis that spreads into the other countries such as Asia and Europe. Ireland GDP growth started to decrease from 2008. The decreasing of Ireland GDP growth in 2009, led by the subsequent collapse of its domestic property and construction markets. Property prices rose more rapidly in Ireland than in any other developed countries. That made the Ireland GDP growth had the lowest value in 2009. Meanwhile, the highest GDP growth was produced by China in 2010, that is 10.4. China has the highest value of GDP growth, because, China is listed as one of the worlds largest exporter. China is listed as the one of the worlds largest exporter, because, China was applied the China reform. The China reform programs are eliminate the collective farming system, continued to expand to libration price, fiscal decentralization, diversified of banking system, develop the market share, accelerate private sector growth, and open the free trade and investment internationally. Because of the China’s reform that was applied by the China’s government, China can easily recovery from the global crisis and listed as one of the worlds largest exporter.