Personally I don't think that Asia will be immune or that it is Asia's century. Japan still has not recovered, China is heavily dependent on exports to Europe and the States, Australia is dependent on exports to China, So if Europe and the States crumble, we're screwed.
I have copied one of my blogs below that goes into this and what people should do in regards to their personal finance to weather the potential second global economic crash. From an Australian point of view:
Unless you've been living under a rock for the past few years, you will
no doubt be aware that the world is in financial turmoil at the moment.
As a country, Australia and Australians have largely escaped this until
now. But can our seemingly endless boom last forever, if the world
around us crumbles? The answer is maybe, but probably not. You see, we
are not a country in economic isolation (even though we may be a very
expensive plane fare from everywhere else), and our economy depends
heavily on the ability of other countries to buy our products.
According to tradingeconomics.com, "Australia exports were worth $25372
Million AUD in January of 2012. Rich in natural resources, Australia is
a major exporter of agricultural products, particularly wheat and wool,
minerals such as iron-ore and gold, and energy in the form of liquefied
natural gas and coal. The agricultural and mining sectors account for
57% of the nation's exports. Australia's largest export markets are
Japan, China, European Union, South Korea and United States." Not only
do we export to the two world regions currently facing economic
collapse (Europe and the U.S.), but the rest of our largest export
markets use our products to manufacture and sell to these exact same
regions. This makes us very vulnerable and should something happen in
one or both regions, or god forbid GFC2 - bang! There goes our economy!
And whether this leads to a worldwide depression or just a recession is
Although, unlike the U.S. and most of Europe, we are lucky that our
government does have some room to move to 'weather' any minor storms.
Should a major storm hit us there is nothing we can do. But there is
something you can do. And you can begin preparing now!
1. Learn how to stick to a tight budget - this will not only give you
great training should the worst happen, but if the world's economic
leaders do pull something magical out of their hats, hey, you'll
have some significant savings! Bonus!
2. Get out of debt, and get out fast - believe me, you don't want to
be in debt with no way to pay it back. Last depression Australia
recorded an average of 23% unemployment.
3. Build up some savings as a buffer - should you lose your job, rent
and food costs rise, how will you afford this? Building up a buffer
of as much as you can, but at least six months living expenses will
help you weather any storm.
4. Learn, learn, learn - "investment in knowledge pays the best
interest", Benjamin Franklin. Learn and research about how you can
make money and survive in a recession or depression. Get to know
new employment growth areas and get qualified. Or learn about
invest strategies that work during these times. Don't follow the
pack, learn how to stand above them!
5. Plan for the future - if everything turned out fine, where do you
want to be in 5 years time. What do you want to be doing with your
life and how can you get there. Break it down to the little simple
steps that you can do now and get going!http://www.blueskycoachingsydney.com.au