Relative Economic Performance Across Countries in Asia
The severity of the impact of the crisis has varied from country to
country. The PRC and most of the Association of Southeast Asian
Nations (ASEAN) member countries have been holding up much
better than some of their neighboring countries and are likely to
register positive growth in 2009. In contrast, Japan and Asia's
newly industrializing economies have been hit hard by the crisis.
None of these countries are forecast to realize positive growth in
2009 and the group of Asian newly industrializing economies is
expected to see a contraction of 4% of their combined gross
domestic product (GDP) (IMF 2009). In general, a high degree of
export dependence, dominance of manufactures in exported
products, and openness of domestic financial markets are shown
to have accounted for the differences in the impact of the crisis
and the relative importance of crisis contagion.
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The views expressed in this paper are the views of the authors and do not necessarily reflect the views or policies of the Asian Development Bank Institute (ADBI), the Asian Development Bank (ADB), its Board of Directors, or the governments they represent. ADBI does not guarantee the accuracy of the data included in this paper and accepts no responsibility for any consequences of their use. Terminology used may not necessarily be consistent with ADB official terms.
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