Forbes.com, 11 Feb 2009, Lee Kuan Yew
America's recession has spread worldwide, and there has been no decoupling--for any country--from the American economy. If the U.S. does not recover, the EU will not bounce back. Other economies cannot make up the decline in demand. Asia's leaders hope that America's $800 billion-plus stimulus package will create the 3.7 million jobs President Barack Obama is targeting, which in turn will generate a more confident mood. Asians are rooting for the new President and his team to succeed.
Mr. Obama has chosen some of the most experienced and able minds to fill key economic positions in his Administration. Tim Geithner, Larry Summers, Paul Volcker and Christina Romer are four of the most highly respected experts in their fields. The next nine months will give us a fair assessment of how long and how deep this downturn is going to be.
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