Why the U.S. Still Drives Asia's Growth

Nanyang Technological University Professor Friedrich Wu says hype about China and India aside, the U.S. economy ultimately matters more for Asia

With increasing evidence of an imminent bursting of the housing market bubble in the U.S., aggravated by unfolding woes in the sub-prime mortgage sector and a consequent deceleration in consumer demand, a growing number of commentators have nevertheless advanced the sanguine argument that, this time around, the rest of the world will be able to avoid a "cold" even should the U.S. economy "sneeze."

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