Since its founding in 1981, CNP has served as a forum for debate and discussion and has been a significant player in developing policy alternatives that are responsive to and effectively serve the interests of all Americans. O ne year ago, most observers were pessimistic about the world economy. The Asian crisis still appeared to be in full swing, Russia's economic prospects were dismal, and Japan showed little sign of pulling out of its long-term doldrums. Today, the conventional wisdom offers a much more positive reading.
Some problems persist, but many are declaring the Asian crisis over.
U ndeniably, there have been a number of positive economic developments in recent months. Several countries, including Russia and Indonesia, still face serious economic problems, but many are showing strong signs of recovery. In particular, South Korea and Thailand seem to be recovering, although the lingering effects of the crisis are likely to be felt for some time. Much of the current economic recovery has been driven by a relatively strong U.S. economy. If Japan were in a position to contribute to Asia's recovery by absorbing more imports from its neighbors, the long-term picture looks brighter.