国际经贸高级英语5.pptxVIP

第1页/共30页Unit FiveAsia’s Economic Crisis and Changing Competitivenessin the World Market The causes of the currency crisis that erupted in Thailand in the summer of 1997 and then spread to neighboring countries, are various and differ for each country. For Korea and Japan the main problems pointed out as causes are the structural weaknesses, especially in their financial systems. For the past several years both countries have experienced recessions and Japan’s growth, in particular, has been very modest since the early 1990s. In contrast, the Southeast Asian countries such as Thailand, Indonesia, the Philippines and Malaysia were enjoying rapid economic growth but had developed large external deficits and also suffered from extremely fragile financial sectors. However, China, Hong Kong, Taiwan and Singapore, considered the great Chinese economic bloc, have been enjoying rapid growth and very strong external positions that include large trade surpluses and very sizable foreign exchange reserves.第2页/共30页Unit FiveAsia’s Economic Crisis and Changing Competitivenessin the World Market The Crisis Is Not Over Various policy measures have been announced and executed in Thailand and Korea, both of which have strictly adhered to IMF-supported programs. The Thai baht has shown a relatively stable trend owing to the government’s strong economic reform drive. The Korean economy is also recovering after implementing a severe macroeconomic policies [sic] that was promised in exchange for receiving a multilateral financial bail-out package. Malaysia is coping with its currency and financial crisis alone, without rescue funds from the IMF, by decreasing the growth rate and delaying big projects.第3页/共30页Unit FiveAsia’s Economic Crisis and Changing Competitivenessin the World Market Indonesia has faced increasingly difficult economic problems in light of its complicated domestic political disorder. Indonesia fell out of favor with multilateral lenders and supporters including the IMF,