This book is based on the papers presented and discussions held at a high-level regional workshop organized by the Asian Development Bank in January 2010 to discuss the impact of the global economic and financial crisis on developing Asia. It provides a clear and thought-provoking analysis of the global economic crisis from the perspective of 19 Asian countries.

The papers present concrete ways in which Asian economies and financial systems can be made more responsive and resilient. The book proposes that Asian economies can capitalize on the global economic crisis by using it as an opportunity to move from crisis management to gradually assuming global economic leadership. It spells out a general framework for strengthening recovery efforts, ensuring inclusive growth and open regionalism, rebalancing Asia's growth model, and creating greater regional cooperation for a prosperous and resilient Asia.

This is perhaps the first ever book in the market to undertake an in-depth discussion about the impact and the long-term implications of the global financial crisis on economies in Asia.

Global Economic and Financial Crisis: Impact on Developing Asia and Policy Responses

Global economic and financial crisis: Impact on developing Asia and policy responses
ManuBhaskaran and RitwickGhosh

Overview of the Global Economy

After a challenging two years in which the global economy endured the worst recession since the Second World War, recovery is now unambiguously underway. In this chapter, we examine the main factors that will frame global economic issues in the coming months.

Current State of the Global Economy: Recovery Masks Fragility

We start with a characterization of the current state of the global economic environment in which Asian economies operate.

First, the Great Recession is over: recovery is sufficiently entrenched to ensure that global economic growth will continue to recover.

Figure 2.1 shows the JP Morgan Global All Industry Output ...

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