Southeast Asia

Ramkishen Rajan, Tan Khee Giap and Tan Kong Yam
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Tan Khee Giap: Asia Competitiveness Institute (ACI)
Tan Kong Yam: Asia Competitiveness Institute (ACI)

Chapter 6 in Fiscal Sustainability and Competitiveness in Europe and Asia, 2014, pp 147-177 from Palgrave Macmillan

Abstract: Abstract The recovery phase from the Asian financial crisis for Southeast Asia as a whole was marked by impressive fiscal consolidation combined with robust growth rates up until the global financial crisis in 2007. While all the regional ASEAN1 economies experienced a generalised slowdown in their economic growth in the aftermath of the crisis, in view of their high degree of dependence on international trade, they generally showed remarkable resilience to the shock in part thanks to their fiscal stimulus packages. The resultant deterioration of fiscal balances has been somewhat acute for some countries, such as Malaysia, which entered the crisis without sufficient fiscal buffers. Though the ASEAN economies generally do not seem to be faced with immediate concerns regarding fiscal stress, there is nevertheless a need for them to rebuild their fiscal buffers and ensure sufficient fiscal space to tackle future contingencies — both structural as well as cyclical shocks. This is especially important considering the larger nagging concern of worsening demographics, which happens to be a more serious and urgent problem for some ASEAN countries, such as Singapore.

Keywords: Saving Rate; Global Financial Crisis; Government Debt; Investment Rate; Asian Financial Crisis (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-40697-2_6

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DOI: 10.1057/9781137406972_6

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