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The Global Financial Crisis and Macroeconomic Policy Issues in Asia

  • Shinji Takagi

    (Asian Development Bank Institute)

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    The global financial crisis severely impacted Asia from late 2008 to early 2009 (Figure 1). Although the initial impact appeared limited, the region was directly hit when the crisis spread to the real sector and caused the volume of world trade to collapse. According to the latest projection by the International Monetary Fund (2009), real gross domestic product (GDP) growth is forecast to decline in industrial Asia (Japan, Australia, and New Zealand) from 3.2% in 2007 to -2.3% in 20091; from 5.7% to -2.4% in Asian newly industrialized economies (Hong Kong, China; Republic of Korea [hereafter Korea]; Singapore; and Taipei,China); and from 6.3% to 0.7% in ASEAN-5 (Indonesia, Malaysia, Philippines, Thailand, and Viet Nam). Even the Peoples Republic of China (PRC) and India were severely affected, with growth in those countries expected to fall from 13% to 8.5% and from 9.4% to 5.4%, respectively. Particularly hit hard among these economies were Singapore and Taipei,China, as their openness made them vulnerable to the sudden collapse of global trade.

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    Paper provided by East Asian Bureau of Economic Research in its series Macroeconomics Working Papers with number 22876.

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    Date of creation: Jan 2009
    Date of revision:
    Handle: RePEc:eab:macroe:22876
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    1. Peter J. Morgan, 2012. "The Role and Effectiveness of Unconventional Monetary Policy," Chapters, in: Monetary and Currency Policy Management in Asia, chapter 2 Edward Elgar.
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