Professor Booth provides an incisive analysis of the performance of
the ASEAN economies since the 1997 financial crisis. The major
economies, including Singapore, have failed fully to recover the
growth momentum that they enjoyed before the crisis. The major
explanations for this disappointing recovery are reviewed and it is
argued that the key factors include deep seated structural problems
that were already coming to the fore before the 1997 crisis. This
is particularly the case for Indonesia and Thailand, where
successive governments have found it extremely difficult
effectively to address these problems. This inability, combined
with changes in the regional and global economies, has left these
countries vulnerable to adverse trading and financial conditions.
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