South East Asia was already undergoing big restructuring in both the corporate and government sector in the wake of the 1997 Asian crisis, and thus was well placed to react quickly and effectively to the new situation. The region is highly dependent on exports, and intially the manufacturing sector, which produces mainly for the US market, was hard hit. There were also steep drops in tourism, another big earner for the region. Now manufacturing and tourism are recovering. But the blow to world confidence has reduced foreign investment.
BBC News Asia Business Report Editor Sally Heptonstall looks at the way the export-oriented economies reacted as the world trembled.
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