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Asian countries rise from Asian financial crisis

Asian countries have experienced great changes since the Asian financial crisis swept through the region 10 years ago and are outstripping the economic performance of many other regions of the world, South Korean daily Korea Herald said in an article on Monday.

"Today, Asia and the global economy is impressively strong again. Notwithstanding risks from 'global imbalances' and high and volatile energy prices, the world has experienced a sustained period of high and stable growth accompanied by low inflation, with the past five years delivering better results than in any comparable period since the 1960s," said the article, written by Anoop Singh, director of the western hemisphere department of the International Monetary Fund, on the occasion of the 10th anniversary of the outbreak of the Asian Financial Crisis.

Since the crisis, Asian countries have reached consensus on several aspects, such as continuous steps toward globalization, increased focus on balance sheets, progress in fiscal transparency, promotion of cross-border linkages, shift of monetary and exchange rate regime, countercyclical fiscal policy and effective social welfare policies for the vulnerable groups, the article said. After reviewing the progress made by the Asian countries, the article said the region has risen to the challenges of the crisis through perpetually reinventing its economic strategies in pursuit of higher productivity and growth. (