The global economy is threatened with a deep and prolonged recession as a consequence of the financial meltdown that began with the housing price crisis in the United States. This paper provides a summary of events and the transmission of the crisis from the United States to the Euro area, United Kingdom, other industrial economies, emerging markets, and developing Asia. The paper sets the context for the Asian Development Outlook 2009 with an emphasis on rebalancing growth in developing Asia and, by implication, the world economy.
The US Financial Crisis, Global Financial Turmoil, and Developing Asia:Is the Era of High Growth at an End?
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