1. The Global Economic Crisis and Its Implications for Asian Economic Cooperation
- Author:
- Michael G. Plummer
- Publication Date:
- 10-2009
- Content Type:
- Policy Brief
- Institution:
- East-West Center
- Abstract:
- The economic crisis of 2008–09 is the second major crisis in just over a decade that Asia has endured. Unlike the Asian crisis of 1997–98, however, the current crisis originated mainly in the West. Asia's excessive reliance on net exports as the principal driver of economic growth since the 1997–98 crisis rendered it especially vulnerable to external shocks, and most Asian countries have paid dearly. The more open the economy, the more vulnerable it is to such shocks. The newly industrialized Asian economies (Singapore, Hong Kong, South Korea, and Taiwan), which are among the most open and dynamic in the world, are expected to contract by about 6 percent in 2009.
- Topic:
- Emerging Markets, International Trade and Finance, Regional Cooperation, Global Recession, and Financial Crisis
- Political Geography:
- Taiwan, Asia, South Korea, Singapore, and Hong Kong