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The Global Financial Crisis and AsiaImplications and Challenges$
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Masahiro Kawai, Mario B. Lamberte, and Yung Chul Park

Print publication date: 2012

Print ISBN-13: 9780199660957

Published to Oxford Scholarship Online: January 2013

DOI: 10.1093/acprof:oso/9780199660957.001.0001

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Recessions and Recoveries in Asia: What Can the Past Teach Us about the Present

Recessions and Recoveries in Asia: What Can the Past Teach Us about the Present

(p.85) 4 Recessions and Recoveries in Asia: What Can the Past Teach Us about the Present
The Global Financial Crisis and Asia

Souvik Gupta

Jacques Miniane

Oxford University Press

This chapter examines past recessions and recoveries in Asia in order to shed light on these issues. Key findings suggest that recoveries in Asia have typically been weak because they were driven by single engine ― exports. In Asia, deep recessions have resulted in substantial declines in potential output growth, meaning that their effects are not just cyclical but permanent. With external demand for Asia's products vanishing as a result of a sharp deleveraging in advanced economies at the height of the global financial crisis, export and industrial production growth in the region plunged in late 2008 to unimaginable levels. In turn, weakness in exports spilled over to domestic demand, with investment in particular showing signs of decline at a high rate. Major policy efforts in Asia and abroad averted the worst, and paved the road for normalization in global trade and growth.

Keywords:   recession, production growth, deleveraging, Asian market, economic recovery

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