Importance of Asian economies and policies The fact that the Asian economies have recovered swiftly after the crises of 1997 is an important consideration in viewing the future external developments. The growth rate of developing Asia, which had plummeted to 4.2 per cent in 1998, recovered quickly to 6.2 per cent in 1999, rising further to 6.6 percent in the year 2000.
In the more recent period, the recovery in the output of the Asian economies has been robust with developing Asia growing by nearly 8 per cent in 2003 and 2004. It is widely recognized that the contribution of Asia to global growth has generally been very impressive in recent years, and may continue to be so, for several years in future.