It is almost seven years since the Asian financial crisis, and those years have proven to be one of the most economically turbulent periods in the region’s recent history. In the past two years alone, there have been uncertainties associated with the Iraq conflict and terrorism, high and volatile oil prices, and the SARS epidemic. Yet, through all of that, developing Asia has shown remarkable resilience, emerging as the fastest growing region in the world with overall economic growth accelerating to 6.2% in 2003.
In the medium-term, even stronger growth is projected. Aggregate GDP for the region is predicted to expand at an average rate of 6.5% in 2004-2005.
