China, Japan and India send the world back to Asia
China, Japan and India send the world back to Asia
In 2005, Asia reminded the world whose century this is. A booming China, resurgent Japan and vibrant India helped shift the pendulum of global growth eastward. And investors who shook off bad memories from the 1997 Asian crisis to bet anew on Asia weren’t disappointed.
As of Dec. 29, the Morgan Stanley Capital International Asia-Pacific Index gained almost 22 per cent this year in U.S. dollar terms – gains were far bigger in local currencies. For all the talk of a thriving U.S. economy, the Dow Jones Industrial Average seems poised to end the year unchanged.
There was plenty of bad news, too. North Korea’s antics grew even more bizarre during the past 12 months. Differences of opinion over the Second World War kept Japan, China and South Korea from even getting together to discuss Asia’s future. Concerns about a bird flu pandemic or terrorist attacks clouded markets from Seoul to Sydney.
As a memorable year draws to a close, some awards seem in order for the Asian countries, companies and people that, for better or worse, helped shape 2005. Drum roll, please.
More: canada.com