For example, in Argentina and Turkey real GDP fell by as much as 10-11% in the worst year of their crises. These events highlighted the potential vulnerabilities of the globalised system and, in that way, underscored the need for systemic changes to the policy framework of the international economic and financial system.
As a result, East Asia’s economic profile has been greatly heightened. Japan, China and Korea now rank the 2nd, the 6th and the 12th country respectively in terms of the scale of their economies with the combined GDP of three countries representing 18% of that of the world as a whole.