From Hindsight To Foresight: Improving Business Transparency In The Wake Of The Financial Crisis

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Executive Summary

It has been a difficult two years for Asia since the US sub-prime mortgage business imploded in 2007. The global financial system nearly collapsed, bank lending dried up, export volumes fell off a cliff, hundreds of thousands of factories closed and millions of jobs disappeared. But there are now signs that the worst of the global recession may be over and a tentative economic recovery has begun, with Asia showing stronger growth than most other regions of the world. This paper focuses on how companies in Asia responded to the crisis and how they are applying the lessons learned to plan for what comes next - an upturn, or a second dip into recession, which is a real possibility for many respondents.

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