Asia Crisis Veteran Says This EM Selloff Is Different
- S&P’s Gruenwald says markets are more discriminating now
- Gruenwald worked on the IMF’s South Korea team in late 1990s
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Paul Gruenwald was working on the International Monetary Fund’s Argentina team just after Christmas in 1997 when he was told to get on a plane and head to Seoul. He arrived in South Korea to find a country in shock as the Asia financial crisis raged.
That was then. These days Asia is the biggest contributor of global economic growth and Gruenwald is chief economist for S&P Global Ratings, based in Singapore. While South Korea has its challenges, it remains mostly insulated by a global technology boom.