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...Today, the tigers are being tripped up by that same lifeline. As consumer and industrial demand dries up in recession-wracked Western countries, East Asia's export-led nations are proving to be extremely vulnerable to a synchronized global slowdown. Among the tigers, overseas trade is shrinking with frightening speed: Taiwan's exports in January plunged 44% from the same month a year earlier, while Singapore's fell 35% and South Korea's 33%. Overall economic growth is following suit. In the fourth quarter of 2008, Taiwan's GDP contracted 8.4% from the same period a year earlier, the worst...

Author: /time Magazine | Title: Losing Traction | 2/26/2009 | See Source »

...short run, Asia is finding itself powerless to adjust quickly to the swift, steep decline in trade, which is not limited to U.S. exports. Trade among Asian countries is also plummeting, because much of this intraregional commerce is indirectly dependent upon Western consumption. A high proportion of Taiwan's trade with China, for example, has been made up of electronic components shipped to Chinese factories for assembly into finished products - which eventually wound up on the shelves of stores in the U.S. As a result, Taiwan's China trade is contracting twice as fast as the island's U.S. exports...

Author: /time Magazine | Title: Losing Traction | 2/26/2009 | See Source »

...self-proclaimed defenders of India's image have spent the past few weeks reciting what has become a rather predictable litany of sins committed by the film - that it is voyeuristic "poverty porn," that it is implausible and hackneyed, that it's a Western vision of India in which there is nothing but misery, filth and violence. (Aravind Adiga's The White Tiger, which won last year's Man Booker literary prize, generated a similar round of complaints...

Author: /time Magazine | Title: The Oscar Goes To ... | 2/26/2009 | See Source »

...getting a little, well, implausible and hackneyed. Sandipan Deb, writing in the daily newspaper the Indian Express on the morning after the Oscars, insisted that despite the awards for composer A.R. Rahman, sound mixer Resul Pookutty and lyricist Gulzar, the film is still a "Western" film, made by a British director and financed by a British producer. "It's a non-Indian film which happened to have an all-Indian cast," he wrote. This is missing the point. Danny Boyle could not have made the film that he did without this cast and crew, and to pretend otherwise...

Author: /time Magazine | Title: The Oscar Goes To ... | 2/26/2009 | See Source »

...most vivid memories Yasir Nisar has of his 2005 honeymoon is of the "Western" clothes his new bride Cayyada wore as she bundled up in Pakistan's frigid mountain temperatures. For more than a week, the young newlyweds escaped their hectic city lives for a quiet getaway at Malam Jabba, a ski resort located in the heart of the Swat Valley. They shopped for local craftwork, skied at the resort's modest but picturesque slopes and ate various traditional Swati dishes, at times holding hands bashfully. Road closures and blockades were routine - but always due to snowfall...

Author: /time Magazine | Title: Will Good Times Ever Return to the Swat Valley? | 2/25/2009 | See Source »

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