Asians have long parked their cash in the bank, which helped finance a spending spree in the rest of the world. While Asian thrift was a key factor behind the region's export boom, its parsimonious ways have now become a major drag on its economies. The recession has battered China, Japan, South Korea, Taiwan, and Southeast Asia, with exports down by more than 50 percent in some countries. To provide their economies with a much-needed lift, governments from Beijing to Bangkok are scrambling to boost domestic consumer spending.
Source: Business Week