MPDD Policy Brief No.1, December 2008 "Addressing the Impact of the Global Financial Crisis on Asia-Pacific Economies"

MPDD Policy Brief No.1, December 2008 "Addressing the Impact of the Global Financial Crisis on Asia-Pacific Economies"

Date: 
Friday, December 5, 2008
Type: 
Public information and advocacy materials
Abstract

In the current global financial crisis, 15 September 2008 marked a
decisive turning point. It was the day that the American investment
bank Lehman Brothers Holdings, Inc. collapsed, exacerbating the
financial turmoil and causing an extraordinary downward spiral in
confidence. It was also the day on which the crisis truly hit Asia-
Pacific shores, spreading beyond its equity markets and posing the
greatest threat to development since the financial collapse of 1997.
The impact on the region was seen most immediately in the financial
sector, while the medium-term impact on growth will become evident
in the coming months. Countries will be able to avoid the worst of
the consequences by bolstering national policy actions with key
concerted regional cooperation initiatives.

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