| Summary/Abstract |
The global financial and economic crisis (GFEC) that started in 2007 triggered a global economic downturn, which was particularly marked in Europe as well as the United States. Asia weathered the economic shock relatively well, although the knock-on transmissions through trade and financial channels still caused a slowdown of export demand and economic growth in many countries within the region. The consequences of the GFEC are still felt today. Economic growth across the world remains weak and prospects uncertain, while the need for structural changes in the real economy and the financial sector has increased.
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