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The Answers: The Global Economy by Jeremy Kourdi

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EMERGING ASIA

“It is booming but we had that before. They were all Tiger economies in the 1990s and then all ended up in tears except for China. I fear another boom and bust like we had in 1997.” These are the words of a senior executive who is now in a global role but was in Asia during the 1990s. Many companies lost huge amounts of money then and needless to say some executives are still skeptical about the sustainability of growth in the region (as well as in other emerging markets).

But emerging Asia in the late 1990s and today is different. If there was an outflow of short-term capital (which largely caused the 1997 crisis) today, most of emerging Asia would have enough reserves to defend their currencies if they wanted to and would not ...

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