State of the Region Report 2008


State of the Region 2008-2009

Publications-SOTR-2008-WooThe US sub-prime mortgage crisis has turned into an international financial crisis but it is not yet certain that the ensuing global downturn will result in a severe recession in Asia. Asian economies have been hit as hard as industrialized economies by a sharp decline in financial asset prices and by the credit crunch. However, economic growth in greater China and parts of Southeast Asia remains positive, and many Asian governments have fiscal and monetary tools at their disposal to mitigate any further deterioration in their economies. This is not to say that there has been a “decoupling” of Asia from western industrialized economies. Indeed, the export outlook has dimmed considerably for major Asian economies, and the effects of falling export demand have already led to sharp employment losses. But Asian economies have relatively strong banking systems and large foreign reserves, which puts them in a much better position than in the 1997- 98 financial crisis. Even so, downside risks weigh heavily in the current forecast, which is predicated on the positive impact of the US and other liquidity injections taking effect in the first half of 2009, resulting in a modest recovery.


Impact of the Global Financial Crisis on the Asia Pacific Region and Economic Outlook

  • T1: Real economic growth and increase in consumer prices for PECC economies, 2007-2010 (%)

State of the Region 2008

  • Section 1: Profile of Respondents
  • Section 2: Regional Economic Outlook
  • Section 3: Regional Economic Integration
  • Section 4: Regional Institutions 
  • Section 5: APEC 

 A Composite Index of Economic Integration in the Asia Pacific

  • Major findings of the Composite Index of Asia Pacific Economic Integration 2008
  • Value of Composite Economic Integration Index and Ranking of Asia Pacific Economies, 1990 and 2005 
  • Technical Note 

Economic Outlook Data Tables

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Pacific Currents

Global value chains: From fruitful discussions to meaningful actions
Juan Navarro, Associate Faculty, Royal Roads University

Climate change in SOTR
Christopher Findlay, Tilak Doshi and Eduardo Pedrosa

Digital Technologies, Services and the Fourth Industrial Revolutions
Submitted by Jane Drake-Brockman, Christopher Findlay, Yose Rizal Damuri and Sherry Stephenson 

COVID-19 has Exposed Major Gaps in our Social Safety Nets: In a Post-COVID World Will these Gaps be Closed?
Hugh Stephens
Vice Chair, CANCPEC; Distinguished Fellow, Asia Pacific Foundation of Canada; Executive Fellow, School of Public Policy at the University of Calgary

 Multilateral Cooperation is a Safeguard against Pandemics
Rebecca Fatima Sta Maria
Executive Director, APEC Secretariat

International cooperation during COVID-19
Sungbae An
Senior Research Fellow, Department of International Macroeconomics and Finance, Korea Institute for International Economic Policy (KIEP)

Drastic measures to stop spread of COVID-19 are necessary
Charles E. Morrison
Adjunct Fellow and Former President of the East-West Center; Former Co-Chair, PECC

ASEAN-China cooperation in time of COVID-19 pandemic
Jusuf Wanandi
Vice Chair, Board of Trustees, CSIS Foundation; Former Co-Chair of PECC

Project Team 2008

Editorial Committee:

Yuen Pau Woo (State of the Region Report Coordinator, President & CEO Asia Pacific Foundation of Canada)

Mark Borthwick (Director, US Asia Pacific Council)

Gary Hawke (Head, School of Government, Victoria University of Wellington, New Zealand)

Charles E. Morrison (PECC Chair, President East-West Center, USA)

Jusuf Wanandi (Member, Board of Trustees, Centre for Strategic and International Studies, Indonesia)

Soogil Young (President, National Strategy Institute, Korea)

Eduardo Pedrosa (Secretary General, PECC International Secretariat)