While emerging East Asia as a whole 
has reduced its fiscal deficit from almost 2.5% in 2001 to just above 1% in 2006, the other Emerging Asia as a whole has seen a significant dip in deficits by almost 5%.Moreover, towering Forex reserves of major Asian economies provide them with the much needed cushion against currency depreciation, which the Asian economies lacked during the Asian Financial Crisis years. Finally, the buoyancy of growth and robust consumer demand might off set any hardship to a large extent. As Ping Chew, Credit Analyst, Standard & Poor’s, explains, “Asian economies have improved their banking systems, reined in fiscal deficits, brought down external debts, built up foreign exchange reserves, and improved their current account balances.” The fact is that the Asia that we see today is fundamentally better armoured than the one in the late 90s. And one hopes it remains that way, unless of course, our brilliant regulators wake up!
For Complete IIPM Article, Click on IIPM Article
has reduced its fiscal deficit from almost 2.5% in 2001 to just above 1% in 2006, the other Emerging Asia as a whole has seen a significant dip in deficits by almost 5%.Moreover, towering Forex reserves of major Asian economies provide them with the much needed cushion against currency depreciation, which the Asian economies lacked during the Asian Financial Crisis years. Finally, the buoyancy of growth and robust consumer demand might off set any hardship to a large extent. As Ping Chew, Credit Analyst, Standard & Poor’s, explains, “Asian economies have improved their banking systems, reined in fiscal deficits, brought down external debts, built up foreign exchange reserves, and improved their current account balances.” The fact is that the Asia that we see today is fundamentally better armoured than the one in the late 90s. And one hopes it remains that way, unless of course, our brilliant regulators wake up!For Complete IIPM Article, Click on IIPM Article
Source : IIPM Editorial, 2007
An IIPM and Professor Arindam Chaudhuri (Renowned Management Guru and Economist) Initiative
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