Asian crisis `need not hinder growth'
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Manila - A new World Bank report claimed yesterday that the East Asian financial crisis would not hamper the region's record of strong growth as long as structural economic reforms were made, writes Stephen Vines.
Taking issue with some Asian leaders, primarily Malaysia's Prime Minister, Mahathir Mohamad, Stijn Claessens, the report's main author, said he did not think that international speculators and hedge fund managers were responsible for the turbulence in Asian currencies and stock markets.
"On the contrary," he said, "in some cases they have supported these currencies." He argued that the general pessimism about Asian markets was more than the fundamentals warranted, and said some fund managers were coming back.
Even so, the report gives plenty of grounds for pessimism. At the heart of the region's problems, it says, lies a mass of bad debt and low-grade lending by banks.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments