Issues and Aspects of Development, Growth, Trade and Investment
Edited by Tran Van Hoa
Chapter 2: The Asia recovery and sustainable development and growth: an overview
Tran Van Hoa INTRODUCTION 1 After the emergence of the economic and financial crisis in Thailand in early July 1997, a number of major ‘economic miracle’ countries or ‘economic tigers’ in Asia had seen their hard-won development and high growth achieved over the previous 30 years or so suddenly stalled or drastically reduced. The damage of this regional turmoil had spread beyond the spheres of economics and finance and affected, politically and socially, millions of people in the five major crisis economies (Indonesia, Korea, Malaysia, the Philippines and Thailand) and also in other countries or regions (for example, China, Russia and Latin America – including Brazil in 1998 and Argentina in 1999). Late in 1999 and, especially, early in 2000, however, there were significant signs that the worst effects of the Asia crisis were truly over and that the five crisis countries in Asia, at least, had started posting long-awaited results of positive development and growth. The recovery, if confirmed, would have a widespread economic, political and social impact on the crisis countries and beyond. 2 SIGNS OF RECOVERY Within the crisis countries in Asia, statistics collected by international organizations such as the Asian Development Bank (ADB) and the International Monetary Fund (IMF) revealed in mid-2000 some telling signs of an economic recovery. These included a moderate-to-strong upswing replacing negative growth in several of these countries, a decrease in the IMF-inspired high interest rates and the stabilization of exchange rates. Domestic demand and, especially, export growth also improved. Other signs that...
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