Forbes.com, Lee Kuan Yew
China, India, Japan, South Korea and the majority of Southeast Asian countries depend on exports to the U.S. to lift their economies. After the drop-off in U.S. imports they suffered sharp economic declines. Singapore's external (import/export) trade is 360% of its GDP, the highest in the world; Hong Kong is second, with trade making up 350% of GDP. Premier Wen Jiabao has promised that Beijing will help Hong Kong if necessary.
Malaysia, despite its oil and gas revenues, has had to use budget stimuli in order to stave off negative growth. Asia's exports to the U.S. in the first quarter of 2009 declined by almost 30% year-on-year.
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