| Abstract | May 1997: Asia was riding high atop a decade-old growth wave. The outlook at the time was for continued expansion through 1997, followed by a modest slowdown in 1998, as the effects of an anticipated cyclical slowdown in the United States (US) economy bit into global output. May 1998: with the US economic boom still rumbling, it is Asia's slowdown that will put a drag on American growth. As for local leaders, their key concerns now have to do with rewriting the economic and social ground rules so that growth can be restored. The article talks about the region's economic prospects, including region-wide currency depreciation, falling Gross Domestic Product (GDP), slowing growth, falling per capita income as well as inflation and unemployment. |
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