Asia-Pacific economies after the global financial crisis

Lessons learned and the way forward

image of Asia-Pacific economies after the global financial crisis
This publication is to understand why countries in the Asia and Pacific region were significantly less affected by the global financial crisis than the world’s most advanced economies of Europe and the United States, and what are the main lessons from their experience for building resilience from future crises. The majority of the essays collected in this volume are revised and updated versions of papers presented by experts from the region at a conference organized by the Economic and Social Commission of Asia and the Pacific in Manila in September 2011.




An important lesson from the 2008-2009 global financial crisis and its aftermath is that the world economy is highly interdependent with multiple sources of growth and new powerful links, both between developed countries and developing countries and among developing countries. A new structure of the world economy is underway, and the crisis has obviously accelerated the change in the global economic landscape in which the developing countries have acquired greater importance in global economic growth and a greater share of the global economy. Nearly half of the growth today is created by the developing countries. By increasing their importance in the global economy, developing countries have a bigger role in determining the state of the global economy. The current recovery process will not follow a smooth path as uncertainties are increasing. Hence it is very important for developing countries to respond and navigate through the current turmoil because any crisis (for instance, the ongoing European economic crisis) has the potential to escalate and derail the recovery process in the developing world.


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