Global financial crisis, the consequence of an unsustainable growth
pattern that has been emerging since a decade, impacts the
economies in all the regions, irrespective of their degree of
globalization and deft economic management. Both developed and
developing countries have different threats from the crisis, and
devised appropriate measures to contain it. South Asia weathered
the crisis much better than most of the regions in the world. The
region is least-affected by the global meltdown, due partly to the
relatively closed nature of some of its members in respect of trade
and capital flows; and partly to the strong fundamentals and
prudent policies of the rest. Resilience is mostly seen in South
Asia not only in knowledge-intensive services and exports of
garments and textiles, but also in workers' remittances and foreign
direct investment. India, being driven by internal demand; sound
domestic policies; and well-regulated banking system, has escaped
the worst effects of the crisis to show assured signs of strong
recovery.
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