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To: Gary Burton who wrote (38140)	2/24/1999 2:00:00 PM
From: The Ox	Respond to of 95453

Slightly OT: SE Asia recovery feer.com Part of the urgency for broader-based reform comes from the simple fact that the world economy is much more competitive today than just a few years earlier. For example, the region is now finding that many of its key export sectors suffer from a glut on world markets. East Asian exporters did well when they were virtually alone among developing countries in promoting manufactured-goods exports. Once the competition from China, India, Latin America, and Eastern Europe intensified in the early 1990s, however, the region's vulnerability to exchange-rate overvaluation, and to terms of trade decline, almost surely increased as well. While the solution to avoiding macroeconomic crises is to avoid overvalued nominal exchange rates, the key to the rapid growth in export earnings must also involve a continual upgrading of export products. In the future, East Asia will therefore have to give even more attention than in the past to improvements in education and scientific capacity.