November 30, 1997 |
Just a few months ago, the 21st century still seemed certain to be the Asian Century--an era in which Western dominance of the global economy would be surpassed by Asia's mighty industrial engine and burgeoning wealth. Today, devastated by collapsed currencies and stock markets, their banking systems emasculated and their people's confidence deeply shaken, the eve of the 21st century finds the nations of East Asia facing perhaps their greatest challenge of the post-World War II era.
November 30, 1997
A country-by-country look at the economic crisis that has swept Asia, and the challenges nations face in restoring growth. (Stock market and currency changes are since Jan. 1. Currency changes versus U.S. dollar). THAILAND * Currency decline: -36% * Stock market decline: -52% * Population: 60 million. During the export boom of the early-90s, Thai banks flush with cheap foreign capital lent heavily to domestic borrowers, fueling a real estate bubble. Imports surged.
October 21, 1991 |
Whose destiny is it to lead the Pacific into the 21st Century? Pundits are asking that question with increasing frequency, wringing their hands over the decline of Pax Americana, fretting about Japan's dream of the Greater East Asia Co-Prosperity Sphere and postulating about how the two great Pacific powers might balance their interests in a lasting partnership.
December 17, 1997 |
Shock waves from the economic explosions in East Asia won't roil the recovering commercial real estate market in Southern California any time soon, industry watchers say, even though some properties with Asian owners will probably end up on the market. Much of the buying in recent years has been done by Chinese, Hong Kong and Taiwanese investors whose stock market and currency have been left virtually untouched in the recent financial debacle.
November 15, 1993 |
As leaders from around the Pacific Rim gather here this week, the Clinton Administration will seek to focus the attention of U.S. industry on the potential bounty from increased ties to the rapidly growing economies across the ocean.
March 21, 2011 |
The World Bank on Monday issued a report saying the damage from Japan's earthquake and tsunami could amount to as much as $235 billion and that limited effects from the disaster will be felt in economies across East Asia. Rebuilding in the aftermath of the destruction could take five years, according to the report, released Monday in Singapore. Growth in Japan's gross domestic product could be slowed by as much as half a percentage point this year, though it is likely to pick up after midyear once reconstruction efforts accelerate, the organization forecasted in its East Asia and Pacific Economic Update . World Bank economist Vikram Nehru said the economic fallout would certainly be felt around the region, given Japan's part in East Asia's economy, but that it would be "short-lived.