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Growing concern that Europe and the USA are dangerously close to another recession has spurred fears that the Asian economies, which rely heavily on exports, will be affected, according to a report published on the UK’s BBC website.
However, the report states that growing domestic demand from regions such as India, China and Indonesia should help to ‘cushion the impact’. The Asia Pacific economies are best positioned to handle an economic slow-down, according to Mr Biswas, chief economist Asia Pacific, IHS Global Insight who stated: "Asia Pacific economies have become more resilient to external shocks due to major reforms undertaken since the East Asian crisis to reduce government debt levels, increase foreign exchange reserves and strengthen banking systems.
"Therefore the Asia Pacific economies are better positioned to handle a global economic slowdown, and most still have leeway for fiscal stimulus measures.”
Indonesia is also considered to be an important player, according to Mr Wiranto, Asian Economist, HSBC: "Apart from China, India and, increasingly, Indonesia will come to be looked upon as anchors of ‘DIY’ growth in the region.”