Issues and Aspects of Development, Growth, Trade and Investment
Edited by Tran Van Hoa
Chapter 1: The Asia Recovery
Tran Van Hoa The Asia crisis, also known as the economic and financial turmoil or meltdown in Asia, that started in July 1997 in Thailand had brought untold damage to a large number of countries worldwide and intolerable hardships and poverty to millions of people in Asia and, to a lesser extent, in Russia, Latin and North America and the European Union. After nearly three years of widespread economic and financial turmoil and social unrest, there were signs in mid-2000 that a slow but promising economic recovery in the crisis countries in Asia was on the way. Since the recovery was only emerging it would be reasonable to assume that there may be numerous problems in reading the signs accurately and, more importantly, in extracting, analysing and summarizing the right information contained in them for scholarly studies, government and corporate policy analysis, or practical applications in business planning. While a number of studies and reports have occasionally been brought out by national and international organizations and agencies (such as the International Monetary Fund, the World Bank, the Asian Development Bank and several non-government organizations) with ample research funding and policy interest in the Asia crisis, there has been no significant and systematic work on the Asia recovery per se, and most of these studies and reports leave much to be desired. This observation can be amplified as follows. First, the studies and reports principally provide casual and descriptive analysis of a short-term nature that is based essentially on recent trends...
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