Article Abstract:
Southeast Asia is recovering from an economic crisis, and governments are becoming more democratic and open in the aftermath of the crisis. Authoritarian rule had been justified as fostering economic growth, but there has been a drive aginst nepotism and corruption, and improvements in corporate governance. The region has a young, hard-working and educated work force, and this helped to boost economic growth. There is concern that the recovery may mean that some reforms are delayed, and the financial sector in particular is in need of reform.
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Article Abstract:
The middle class succeeded in changing the government in Thailand after General Chavalit's government had been criticized as inept in its handling of the currency crisis. Thailand faces a serious problem of corporate debt, which was exacerbated by drops in the value of the currency, real estate and stock prices. Meanwhile, the Philippines was less affected by the crisis in the region, in part because the economy was already performing poorly. There is concern at the slow pace of economic reform, though democracy looks set to continue.
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Article Abstract:
The Philippines have made substantial progress under the leadership of Pres Fidel Ramos, who succeeded Corazon Aquino in 1992 but whose term runs out in 1998. The country is still recovering from the dictatorship of Ferdinand Marcos, who looted its wealth.
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