Indeed, countries in this region have exhibited impressive resilience in restoring their economic vitality. When the world economy slowed in the wake of the bursting of the IT bubble in 2002-03, Asia's solid growth helped avert the global recession. China's economic expansion is particularly remarkable as it has sustained an average growth of 8-9 percent per annum for the past decade.
If you take a closer look at the current economic dynamism in Asia, you will not fail to see a stark difference from the past economic booms. In the past, trade in this area was simple. Industrial countries like Japan and Korea imported raw materials from their Asian neighbors to export final products to the US and Europe.