There is an overused euphemism in politics and economics that goes something like "When the U.S. sneezes the rest of the world catches a cold."" In 2001/2002 with the technology-industry bust the U.S. sneezed and Newly Industrialized Economies of Asia sometimes referred to as the ""Asian Tigers"" caught a cold via a significant downturn in exports. This time however it seems more like the flu with the NIEs experiencing an export decline more complex and broad-based than that of 2001/2002. This means that this time recovery of the NIEs will be more difficult and . . .
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