TITLE

EAST ASIA: THE RECESSION ARRIVES

AUTHOR(S)
Keatley, Robert
PUB. DATE
March 1983
SOURCE
Foreign Affairs;Spring83, Vol. 61 Issue 3, p692
SOURCE TYPE
Periodical
DOC. TYPE
Article
ABSTRACT
The article focuses on the recession in East Asia. For years, East Asia successes were indeed modest by recent standards. However, the worldwide recession hit the region bringing sharp declines in growth rates from South Korea to Indonesia. Exports suffered as the main markets of North America and Western Europe declined, or at least failed to expand much. Those nations which rely most heavily on commodity shipments for national revenue were hardest hit; declining prices for such items as petroleum, tin, palm oil and coconuts damaged the expectations of several national treasuries. Some countries have, therefore, cut back development spending, revised growth projections downward, and in general prepared for leaner days just ahead. Uncertainty is replacing the confidence of recent years.
ACCESSION #
4854419

 

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