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.

Impact and Policy Responses: Indonesia, Philippines, and Thailand

Impact and policy responses: Indonesia, Philippines, and Thailand
ManuBhaskaran and RitwickGhosh


Introduction and Summary

Indonesia has rebounded strongly from some initial wobbles when the global financial crisis turned critical in late 2008. Following disruptive capital outflows and a precipitous Rupiah depreciation in late 2008, the country steadied itself and recovered quickly. Over the course of 2009, its GDP growth has remained positive, unlike that of most of its export-dependent neighbors. In short, this report argues that:

  • A critical concern for Indonesia is the true degree of resilience to global shocks, given our view that 2010 is likely to see a global recovery that will tend to be accompanied by new financial and other stresses. Our detailed examination of the transmission of ...
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