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Is this the Asian century? Emerging Asia has experienced remarkable economic growth and a steadfast recovery from the global crisis. According to this new edition of the OECD Southeast Asian Economic Outlook, a number of fast growing Southeast Asian economies, as well as China and India, will maintain their overall dynamism in the next five years. Strong economic performance will be essential for achieving sustained improvements in living standards and laying the foundations for more inclusive societies.
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Current global uncertainty underscores the need for Asian economies to rethink their growth and development strategies. The export-oriented approach, while successful in earlier decades, has now shown weaknesses. Excessive dependence on external demand has made many Asian countries vulnerable to fluctuations in global demand and to external shocks. Domestic demand will be an important engine for medium-term growth in the region
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