Word: asia
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Dates: during 2000-2009
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...Asia's markets rebounded smartly on Wednesday, after the Fed's move, but the fact remained that investors worldwide were finally absorbing an unavoidable truth: the United States, still the biggest market for the world's exports, appears to be in real economic trouble. Most economists now believe the U.S. is either already - or soon will be - in its first recession since 2001, and that this one could be a doozy. "The asset bubbles underpinning the US economy have started to unwind the other way," says Stephen Roach, Chairman of Morgan Stanley Asia. "This recession was triggered by the bursting...
...exports more to China than it does to the United States. But developing nations have been anything but safe havens in the recent turmoil, indicating that the decoupling theory will now be tested with a vengeance. "There's no question the slump in the US will have hurt [Asia's] exports," says Shanghai-based economist Andy Xie. Morgan Stanley's Roach believes decoupling is "one of those nice theories you hear at the top of market bubbles." The fact is, Roach argues, "that Asian consumers are too small to make up for the void created by U.S. consumption...
...badly Asia will feel the effects of the U.S. slump depends on its depth and duration. A mild, relatively short U.S. downturn might not be entirely a bad thing in the country that's become the world's second growth engine: China. Most economists believe inflation remains China's biggest risk going forward, and a slow down in the export sector - now unavoidable - could actually do the People's Bank of China's work for it: cool the economy a bit without the need for another rise in interest rates. (The PBOC raised rates six times...
...open-network provision, and no more.) That would mean customers could use any wireless device, handset or application on the network, without being restricted by their carrier. It's a dismantling of the traditional "walled garden" telecom approach in the hopes that the U.S. catches up to Europe and Asia with better services and innovations. At first Verizon and AT&T were vehemently opposed, threatening lawsuits, but they have since reversed their position, with Verizon announcing that they would voluntarily open their entire network in 2008. Still, analysts caution, it is unclear whether Verizon's move will completely level...
...whether we're going to have a soft landing or a hard landing in the U.S. but how hard the landing is going to be," says Nouriel Roubini, professor of economics at New York University. He sees a sharp, possibly year-long U.S. recession and a global slowdown. Despite Asia's torrid growth, consumers in China and India accounted for only $1.6 trillion of the world's spending last year, a tiny fraction of the $9.5 trillion spent by Americans, according to Stephen Roach, head of Morgan Stanley's business in Asia. It's impossible to pull U.S. spending back...