South-East Asia not prone to the economic crisis February 28, 2009

The economic crisis has finally reached South-Eat Asia and people are feeling its pinch. Governments are contemplating stimulus packages and layoffs have increased throughout the region.

“While the crisis in the West centers on insolvent banks, home foreclosures and swelling unemployment, in Southeast Asia economists predict that one hallmark of the downturn will be the exodus of workers back to the family farm”.

The crisis is still in its early stages, but the number of layoffs is supposed to increase. Other countries suffering from this crisis in South-East Asia are China, Singapore, Malayasia, Indonesia and the Philippines. These countries are expected to sign free trade agreements with Australia and New Zealand.