Bangkok--7 Apr--Moody’s
By Matt Robinson, Economist, Moody’s Economy.com (**Please see editor's note)
The severity of the recent downturn in Asian trade has been astonishing.
The contraction in exports and production has had major domestic repercussions, sharpening the current recession.
Asia's traditional export-led recovery model is unlikely to be repeated this time.
While the U.S. and Europe painfully shed their debt-fuelled consumerism, Asia must make its own painful adjustments for sustainable growth.
A year ago, decoupling was fashionable terminology. But the collapse of Asia’s exports to the developed world has devastated regional economic activity, debunking the notion that Asia was somehow immune to downturns in the U.S. or Europe. Now, while Western economies go through an agonizing transition away from debt-fuelled consumerism, Asia has its own painful adjustments to make to achieve stable self-sustaining growth.
Matt Robinson is an economist in the Sydney office. He covers the Australian and Japanese economies, as well as commentary on energy and commodity markets. Matt received his bachelor of economics from the University of Newcastle and his graduate degree from the Australian National University. He previously worked as an economist and policy adviser in a number of public and private sector organisations, including Commonwealth Treasury and the Economic Division of the Department of the Prime Minister and Cabinet.
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Editor’s Note:
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[Southeast Asia]
Hector Lim
AVP/Communications Strategist
Moody's Investors Service
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Sydney NSW 2000, Australia
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[North Asia & India]
Eleanor Sheung
AVP/Communications Strategist
Moody's Asia Pacific Limited
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Email: [email protected]