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The 1997 Asian Financial Crisis was a very difficult period for many countries including Singapore, Malaysia and South Korea, however, the lessons learned and the resulting reforms to banking systems helped the region weather the Global Financial Crisis (GFC) comparatively well. Governments, corporations and households endured the sharp downturn and rebounded quickly thanks to their conservative balance sheets and comparatively moderate risk levels. Yet the region has not decoupled from more developed economies, especially given the importance of trade. Growth is currently below trend due to the ongoing recession in Europe and the continued slow and somewhat patchy recovery in the U.S.
Source : AEW Asie