Monday, November 23, 2009
Asian Countries Questioning Economic Systems
The economies of many Asian nations are highly dependent on exports, which has allowed for increased living standards and reduced poverty, unfortunately this year global trade has contracted at the highest rates in nearly 80 years. This year export earnings decreased 40%, which has erased millions of jobs. Thailand's exportation shipments alone have decreased 17% this year. This has caused many Asian countries to rethink their economies and many are in talks to rebalance growth. No new plans are currently in effect however, they understand the need to change.