future of the ten-member Association of Southeast Asian Nations
(Asean) from stakeholders and analysts in the region and beyond.
Asean’s own baptism of fire during the East Asian financial crisis in 1997-98 has certainly helped the group to come through the current global crisis with much greater resilience and less structural damage than we are witnessing in other parts of the world, such as Eastern Europe, Greece or Ireland.
I would particularly point out that Asean’s macroeconomic reforms since 1998 have been important to improving the resilience of Asean economies, notably reduction of government debt and the building of FX reserves over the last decade.....
Asean should learn that it cannot be immune from malpractices elsewhere. It should strengthen defenses against financial indiscipline at home and abroad and give priority to good governance.
Mohamed Iqbal Rawther
Asean nations generally are trade dependent. When global
crisis hit us, the effect on export-oriented Asean companies is
severe, as it is on nations. The dependence and vulnerability on
global trade prompts Asean companies to be:
Asian economies weathered the global crisis comparably well, helped by big reserves accumulated during the Asian Financial Crisis of the previous decade, in order to battle the widespread currency speculation. Few banks in Asia experienced the problems that caused widespread closures in the West.