Asia and the Global Crisis: Recovery Prospects and the Future
AbstractThe global crisis of 2007–09 affected developing Asia largely through a decline in exports to the developed countries and a slowdown in remittances. This happened very quickly, and by 2009 there were already signs of recovery (except on the employment front). This recovery was led by China’s impressive performance, aided by a large stimulus package and easy credit. But China needs to make efforts toward rebalancing its economy. Although private consumption has increased at a fast pace during the last decades, investment has done so at an even faster pace, with the consequence that the share of consumption in total output is very low. The risk is that the country may fall into an underconsumption crisis. Looking at the medium and long term, developing Asia’s future is mixed. There is one group of countries with a highly diversified export basket. These countries have an excellent opportunity to thrive if the right policies are implemented. However, there is another group of countries that relies heavily on natural resources. These countries face a serious challenge, since they must diversify.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by Levy Economics Institute in its series Economics Working Paper Archive with number wp_619.
Date of creation: Sep 2010
Date of revision:
Contact details of provider:
Web page: http://www.levyinstitute.org
Asia; China; Global Crisis; Open Forest;
Find related papers by JEL classification:
- E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
- O11 - Economic Development, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
- O53 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East
- O57 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Comparative Studies of Countries
This paper has been announced in the following NEP Reports:
- NEP-ALL-2010-10-02 (All new papers)
- NEP-CWA-2010-10-02 (Central & Western Asia)
- NEP-MAC-2010-10-02 (Macroeconomics)
- NEP-SEA-2010-10-02 (South East Asia)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Carmen M. Reinhart & Kenneth S. Rogoff, 2009.
"The Aftermath of Financial Crises,"
NBER Working Papers
14656, National Bureau of Economic Research, Inc.
- Hausmann, Ricardo & Rodriguez, Francisco & Wagner, Rodrigo, 2006.
Working Paper Series
rwp06-046, Harvard University, John F. Kennedy School of Government.
- Jesus Felipe & Utsav Kumar & Norio Usui & Arnelyn Abdon, 2010.
"Why Has China Succeeded-And Why It Will Continue To Do So,"
Economics Working Paper Archive
wp_611, Levy Economics Institute.
- Jesus Felipe & Utsav Kumar & Norio Usui & Arnelyn Abdon, 2013. "Why has China succeeded? And why it will continue to do so," Cambridge Journal of Economics, Oxford University Press, vol. 37(4), pages 791-818.
- Park, Donghyun & Shin, Kwanho, 2010.
"Can Trade with the People’s Republic of China Be an Engine of Growth for Developing Asia ,"
Asian Development Review,
Asian Development Bank, vol. 27(1), pages 160-181.
- Park, Donghyun & Shin, Kwanho, 2009. "Can Trade with the People’s Republic of China be an Engine of Growth for Developing Asia?," ADB Economics Working Paper Series 172, Asian Development Bank.
- Gupta, Souvik & Miniane, Jacques, 2009. "Recessions and Recoveries in Asia: What Can the Past Teach Us about the Present Recession?," ADBI Working Papers 150, Asian Development Bank Institute.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Marie-Celeste Edwards).
If references are entirely missing, you can add them using this form.