Asia exposed

Asia has made a big bet on the grand European experiment.

Asian authorities were understandably smug in the aftermath of the financial crisis of 2008-09. Growth in the region slowed sharply, as might be expected of export-led economies confronted with the sharpest collapse in global trade since the 1930s. But, with the notable exception of Japan, which suffered its deepest recession of the modern era, Asia came through an extraordinarily tough period in excellent shape.

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