EXPLAINER

5 Lessons Asia Must Learn to Survive the Next Crisis

Myanmar's banking system is not yet developed so a huge number of transactions are made in cash. Photo credit: Gerhard Joren/ADB
Myanmar's banking system is not yet developed so a huge number of transactions are made in cash. Photo credit: Gerhard Joren/ADB

Asia may have survived the 2008 global economic crisis, but it’s not out of the woods yet. Here are five things the region’s financial systems must address to withstand the next big shock.

Introduction

Asia's economic dynamism remains unparalleled in the world. While the 2008 global financial crisis (GFC) may have sunk major economies, particularly in Europe, it made Asia an even stronger regional economy.

Still, Asia has much to do to prepare for the next crisis.

Donghyun Park, co-editor of the book "From Stress to Growth: Strengthening Asia's Financial Systems in a Post-Crisis World," and principal economist at ADB's Economic Research and Regional Cooperation Department, explains how Asian financial systems can help sustain the region's future growth.

Launching of the book with the Peterson Institute for International Economics in Washington, D.C.


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Meet the expert

  • Donghyun Park   
    Principal Economist, Economic Research and Regional Cooperation Department, Asian Development Bank

   Economics, Finance sector development
   Last updated: October 2016

 




Disclaimer

The views expressed in these articles are those of the authors and do not necessarily reflect the views of the Asian Development Bank, its management, its Board of Directors, or its members.




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