The answer is a simple “No”. From production and financing to distribution and consumption, the world’s economies, including those in Asia, are too tightly integrated for that to be possible.
Ever since the global financial crisis began in 2008 in the advanced economies and pulled down the world economy (which was then further aggravated by the fiscal crisis in Europe), a debate has raged on about whether Asian economies will inevitably be caught up in the ensuing downward spiral. Can they free themselves from global shackles and embark on a path of sustainable growth on their own? This debate under the heading “decoupling” and “recoupling”1 has excited Asian economists and politicians alike in the wake of the crisis. A new version of this debate is raging at present, with hopes flying high that Asia can generate enough sustainable growth on its own.
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