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¶ … global recession and its impact on Asia
Despite the widespread impact of the global recession, not all nations are faring badly. According to the New York Times' recent article entitled "South Korea's economy grows at fastest pace in 7 years," South Korea's Gross Domestic Product (GPD) grew 2.9% over the pat three months and its unemployment rate fell in September to a nine-month low of 3.4%. South Korea has not been immune to economic problems in the past. Like its neighbors, it was buffeted by the 1997-98 Asian financial crisis. But it has learned from its mistakes. A swift response by the government in the form of stimulus spending and historically low interest rates, combined with a fortuitously weak currency that increased the demand for South Korean exports, created record growth in Asia's fourth-largest economy.
Discussion
Both individuals and nations can profit from a recession. In the case of South Korea, the demand for cheaper products in the West, which is still mired in a recession, has improved the Asian nation's rate of growth. All of the major Asian powers, including Japan and China, have manifested expanded growth, indicating that was what was once a global recession may now only be an American and European recession. Regardless, the policies of South Korea can prove instructive to Western powers, particularly in terms of its sustained stimulus spending.
References
Fuller, Thomas. (2009, October 25). Asian leaders focus on freer trade. The New York
Times. Retrieved October 26, 2009 at http://www.nytimes.com/2009/10/26/world/asia/26iht-asean.html?ref=business
South Korea's economy grows at fastest pace in 7 years. (2009, October 25). The New York
Times. Retrieved October 26, 2009 at http://www.nytimes.com/aponline/2009/10/25/business/AP-as-SKorea-Economy.html?ref=business
Tabuchi, Hiroko. Rising debt a threat to Japanese economy. The New York
Times. Retrieved October 26, 2009 at http://www.nytimes.com/2009/10/21/business/global/21yen.html?ref=global
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