The world economy has been sputtering a lot this year and Asia's strong economies are showing serious signs of vulnerability. This Newsweek piece asserts "why Asia won't save the world" as Asian economies so dependent on export growth and on the American consumer are beset by inflation and unable to maintain their own growth. Asian powers like Japan, South Korea and Taiwan have all been seriously affected which gives an idea of the extent of economic slowdown, with Japan and Taiwan's governments having to introduce hefty stimulus packages .
One wonders if these problems are indeed confirmation of the error in focusing on economic growth rather than a steady approach addressing domestic social problems which many of these countries especially India and China certainly have a lot of.