Some said that 19th century belonged to the Great Britain, 20th belonged to the United States of America, and 21st Century belongs to People Republics of China. The economy of China remains relatively strong with the beset of the worldwide fall of demand. Experts attribute the breakthrough to the strong domestic consumption and gigantic stimulus package .Brazil and India have also blessed with robust economic growth during the crisis. Of four fastest growing economies, known as BRIC countries, only Russia experienced negative economic growth. Some countries have bounced back on track rapidly. South Korea, Thailand and especially Singapore were the first group to recovery from the recession with appealing growth.
Dear Guest, I would love to describe the event as“Second Economic Miracle of East Asia.” From early 1980 to 1997 countries in East Asia were among the fastest growing economies. It took South Korea, Taiwan, and Singapore only a generation to transform itself from backwater to regional powerhouses The International Bank for Reconstruction and Development, commonly known as World Bank, described the success as East Asian Miracle. The Miracle was short-lived, however. The Financial Crisis of 1997 dissolved the dreams of all East Asian nations. At the time, Singapore and South Korea were the hardest hit. The West said that regulation and protectionism policy of East Asian countries were to be blamed. On the contrary, Dr Mahathir, in the book titled A New Deal for Asia, argued that financial crisis was the West conspiracy conducted to deny Asia the rights to prosperity. Although the outcome three-year-long crisis is the rise of Asia and the decline of the West, the World economy is still strongly needed to be powered by the locomotive. To be continue.