I. Asian economies will need alternative sources of growth to compensate for the rapid fall in demand from the western markets.
II. But the crisis has exposed the limits of region’s dominant economic- growth model.
III. The export- led model that propelled many Asian economies so effectively for the past 30 years must be adapted to a different global economic context.
IV. Asia is less exposed to the financial turmoil than the west is, because Asian countries responded to the previous decade’s regional crisis by improving their current-account positions, accumulating reserves, and ensuring that their banking systems operated prudently.