THE TELEGRAPH: Senior Asian economists fear the incoming US administration of Barack Obama could drag their economies deeper into the global downturn with protectionist policies.
Ammar Siamwalla, one of Thailand's leading economists, said that recessions in the West will hit Thailand's export dependent economy next year.
"The best that can be expected [from this weekend's summit of world leaders] is for them to go against protectionism," he said. "Given the recent change in the US, that's a little bit worrisome."
Many in Asia fear Mr Obama, who struck a protectionist tone during the campaign, will adopt policies designed to protect American jobs.
That in turn would impose more "made in America" problems on export dependent Asian economies already struggling with the fallout from the Wall Street crisis.
"I think protectionism will increase," said Anton Gunawan, chief economist at Indonesia's Bank Danamon.
The concerns were raised as finance ministers from the Group of 20 (G20) rich world and developing economies prepare to meet in Washington on Saturday.
The G20 was created in 1999 to contain the Asian financial crisis, which began in Thailand in 1997. This time around, regional economists fear that south east Asia's relatively healthy economies will catch a dose of "American flu".
The credit crunch has already made it difficult to finance trade. "There should be some kind of co-ordination to guarantee trade financing," said Mr Gunawan. Indonesian coffee and Thai sugar exports have been hit in recent weeks by fears that buyers will default on payments for the goods they receive.
Grim memories of the Asian financial crisis hang heavily over the region. Many are still resentful of the painful conditions they were forced to accept from the International Monetary Fund in exchange for loans. >>> By Thomas Bell in Jakarta | November 11, 2008
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