The Spanish Flu Didn’t Wreck the Global Economy
What Is Different About the Coronavirus Pandemic?
As recently as 2008, the economies of Southeast Asia received roughly less than half as much foreign direct investment as China did. Four years later, in 2012, they pulled to within spitting distance ($111 billion versus $121 billion). This surge in international interest reflects the region’s attractive demographics and, even more so, its impressive recent economic performance.
The ten countries of the Association of Southeast Asian Nations (ASEAN) represent a collective market of 620 million people, significantly larger than that of North America, Latin America and the Caribbean, the eurozone, or the Middle East and North Africa. They are home to a young, large, and growing labor pool, as well as a growing and increasingly consumption-oriented middle class. The ASEAN countries posted a combined GDP of over $2.2 trillion in 2012 -- larger than Russia’s GDP and almost the same size as Brazil’s -- and many economists expect that number to double by 2020. ASEAN’