GlobeSt.com, 2 Apr 2009, Katie Hinderer
SINGAPORE-According to a new report issued by Cushman & Wakefield, this recession is one of the worst since World War II. And while Asia managed to avoid being severely hurt by 2008’s subprime crisis, this year it will not be as lucky.
C&W’s Megan Walters, chief economist Asia Pacific, who compiled the report, compares the current economic condition in Asia to the 1997 downturn. A little more than 10 years ago, the recession started with a banking crisis in the US, which spread to Europe and then Asia. According to the report, “Bank lending against real estate assets led to a boom in asset prices followed by a sharp bust as real estate prices crashed.”
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