GLOBAL ECONOMIC CRISIS AND ASEAN ECONOMY

This book is about the global economic crisis occurred in the period 2008-2009 with the reference to the economy of member countries of the Association of Southeast Asian Nations (ASEAN). The main reason that this book focuses on ASEAN is simply because since 1990 until today the region has been hit by two big economic crisis. The first one was known as the Asian financial crisis happened in 1997-1998, which is considered merely as a regional economic crisis since it was originated within the region and its has not really produced a global economic recession. The second one was that in 2008-09, which started first in 2007 as a huge financial crisis in the United States (US) and then spread worldwide. The experiences with these two big economic crises strongly suggest that the economy of many ASEAN member countries, especially Indonesia, Thailand, Malaysia, Singapore and the Philippines is vulnerable to any economic shocks; although the level of vulnerability to economic crises may vary by country.