In the past as well, the premise of economic recovery was that a certain region of the world had to be growing. There is no doubt, for example, that during the Asian currency crisis U.S. and European economic growth contributed to the Asian economies’ recoveries from it.
According to IMF estimates, emerging Asian economies’ contribution to global GDP growth has risen from below the 30% level in the 1970s, to the mid-40% range in the 1980s up until the global financial crisis and as high as 50% during the past five years of the crisis, and is expected to be maintained at such a level for the time being going forward as well.