Growth and Resilience in an Uncertain Global Economy
Edited by Hal Hill and Maria Socorro Gochoco-Bautista
This may be the Asian Century, but it is also a period of deep global uncertainty. If the global economy is characterized as consisting of five dominant pillars – Europe, North America, Japan, the People’s Republic of China (PRC), and a group of major emerging economies – then only the latter two are vibrant and dynamic. The first two dominated the world economy during most of the 20th century, and together with Japan they were the key engines of growth in the post- war period. Now, however, all three are beset by serious problems of low growth, high debt, and a political economy environment that renders growth- oriented economic reform very difficult. The developing Asian economies therefore have to sustain growth in an exceptionally difficult environment, and one in which they will have to assume increasing responsibility for the maintenance of global economic growth. Their export dynamism is threatened by slow growth in most rich economies, compounded by attendant rising protectionism.
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