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Two major economic problems are currently shadowing Asian economies. On the one hand, the slowdown in the US economy, ignited by the subprime mortgage crisis, may not be confined to the US region and may affect Asian countries as well. On the other hand, the recent fuel and food price increases, a global shock in nature, are also likely to influence most Asian economies that are heavily dependent on oil imports. In this paper, by summarizing recent studies on these issues, the author addresses how Asian economies in particular are challenged by these important developments in the world economy. The author also identifies policy issues faced by the policymakers in Asia.
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