Word: asianess
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...Asia appears to be recovering from the global recession faster than the West. But the financial imbalances that triggered the worst economic crisis in memory could still put the brakes on the world's fastest-growing economies. So warns economist and Morgan Stanley Asia chairman Stephen Roach in his new book, The Next Asia, a collection of his essays and analysis from the past several years that foreshadowed the meltdown. The following is an exclusive excerpt from the book's introduction...
...most dynamic and rapidly growing region in the world over the past decade, developing Asia has attained a new level of prosperity. From China to India, the region's per capita income has more than doubled since the wrenching Asian financial crisis of 1997-98. Since 1990, over 400 million fewer Asians are living in poverty on incomes of less than $2 per day. On the surface, the region has much to celebrate on the long and arduous road to economic development. Many believe the Asia Century is now at hand. (Read "Fortress Asia: Is a Powerful New Trade Bloc...
...Such celebration may be premature. As 2008 came to an end, every economy in the region had either slowed sharply or tumbled into outright recession. Far from having the autonomous capacity to decouple from weakness elsewhere in the world, export-led developing Asia had become even more tightly tethered to foreign markets than was the case a decade earlier. The export share of panregional gross domestic product (GDP) hit a record 47% in 2007, fully 10 percentage points higher than the portion in the late 1990s. With approximately 50% of those exports earmarked for the rich countries of the developed...
...about 4.5% of the world's population, its consumers spent about $10 trillion in 2008. By contrast, although China and India collectively account for nearly 40% of the world's population, their combined consumption was only about $2.5 trillion in 2008. During the boom, China and the rest of Asia reaped enormous benefits from a mercantilist growth model that was tied increasingly to the voracious appetite of the American consumer. Unfortunately, Asia did not do a good job in hedging that bet. The U.S. could now be in the early stages of a multiyear consumption retrenchment, making the problems...
...that's not the only challenge that Asia faces. Significantly, Wen's warning was not just about the imbalances of an economic and financial structure that had become overly reliant on exports. By raising concerns over instability, he was also cautioning of the perils of overreliance on energy, industrial materials and base metals. In an era of booming global growth, the threat of the so-called commodity supercycle and its ever higher price structure was a crushing burden on resource-intensive developing nations. The Premier urged China to focus more on what he called a "scientific development" strategy that would...