The current global economic crisis had severely hit emerging Asia economies with great speed and force. This is despite the fact that these economies were minimally exposed to the toxic financial assets that started Financial Crisis 2008, and most were in fact in sound macroeconomic shape both internally and externally after their healthy recovery from the Asian Financial Crisis 1997.

The reason for this is the deep financial and trade integration. The road to Asian economic recovery will have to await the global economic recovery. Until then, fiscal stimuli are necessary but would only partially alleviate the problem. Over the medium and long term, shifting away for the narrow export-oriented strategy to a more balanced development strategy would be of great benefit both to themselves as well as the redress the macroeconomic imbalance in the world economy


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