Asian economic policy

Asian economic policy

From Japan to the Philippines, from Taiwan to Indonesia, a
clutch of Asian countries is facing leadership upheaval. Each of
these commotions has a special national cause but they perhaps
reflect a common regional conclusion: Asia's long-term recovery
depends on a marked improvement in governance. Such an
improvement has yet to happen and achieving it will be bumpy for
Asia's democracies. On the face of it, the five countries most
affected by Asia's devastating financial crash of 1997 (Japan,
South Korea, Malaysia, the Philippines and Thailand) have been
rebounding strongly. However, this economic recovery is already
ebbing because of the effect of high oil prices -- and it remains
worryingly vulnerable to any deterioration of the U.S. economy.
In the absence of robust economic growth, Asia's voters are
certain to be far more demanding of their leaders than in the
past. And, in spite of the risk of short-term political
volatility, that is surely to be welcomed.

-- The Financial Times, London