IDC expects Thailand telecom market to show most relative growth over the period with an overall 5-year CAGR of 12.9% followed by India and the Philippines with CAGRs of 7.3% and 9.1% respectively. Mature markets like Hong Kong, Korea, Singapore and Taiwan on the other hand are expected to show slightly negative CAGRs – especially Korea with a 3.8% decline. Singapore’s PSTN revenue fell to $246.2 mln in 1H04, down from $262.9 mln the previous year ? a decline of 6.3% ? and IDC expects revenue for the full year 2004 to be $482.24 mln, down from $527.34 mln in 2003. VoIP is also showing very healthy growth with an increase of 54% in the first half of 2004 compared to the previous year reaching $74.5 mln.