Asia and Europe after September, 11th

摘要

When the horrifying TV telecast of two airliners crashing into the World Trade Centre in New York flashed across the world, I felt that something fundamental had changed. One immediate concern was its impact on a world economy that was already in a synchronised slowdown. The need for heightened security at airports, seaports and border crossings slowed down the open and speedy flows of people and goods that created the boom of the NEW economy. There was a knee-jerk sell off in global stock markets. But the US Fed, the European Central Bank and other major central banks slashed interest rates, kept liquidity high, and the worst did not happen. A recovery is now on the way. Japan aside, all the major economies are expected to register positive growth this year.