Can Asia overcome its addiction to debt? That is the question across the region as economies slow and borrowing costs rise. After more than a decade of often blistering growth, many fear that Asia’s golden era may be drawing to a close.
When George Magnus, the economist, penned his report “Is Asia’s miracle over?” in 2012, the feedback was sceptical. Many presumed the financial crisis was little more than a bump for the world’s most dynamic region, and the rebound would prove lasting.
But now, with exports still weak, quantitative easing in the west being unwound, and domestic economies laden with debt, the idea that the Asian boom has already peaked is rapidly going mainstream.
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