Soon after, the Asian financial crisis spread to the ASEAN region, South Korea and other countries in Asia, resulting in great economic damage on the affected countries but with Japan and China both largely escaping the crisis. Fortunately, there are growing signs that this vibrant, diverse continent can work together and rise to offer some of the solutions. The Philippines is now a larger economy than the Netherlands while Bangladesh has overtaken 13 other economies in the past 20 years. This has left Japanese investors hungry for return, with few options at home. While governments have made concerted efforts to produce workable land-reform programs, progress has been slow; this has been particularly conspicuous in the Indian subcontinent and the Philippines. The country was left impoverished after the Korean War , and until the early s was among the world's poorest countries even poorer than North Korea. The volume of trade decreased dramatically all around Asia and indeed the world. From climate change and demographic crises to technological disruption and yawning inequality, the world faces myriad challenges that require multilateral solutions.
In globalization 4. This has left Japanese investors hungry for return, with few options at home.
This period was also marked by military conflict. Is there a risk of a China hard landing in ? Leadership 4.
For most of these countries, however, trade with other Southeast Asian countries has grown less quickly than trade with Japan. Abundant reserves of coal, petroleum, natural gas, uranium, iron, bauxite, and other ores are either being exploited or awaiting development; much wealth also remains to be surveyed.
Bymost countries had already recovered from the crisis.
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