Impact of Global Economic Crisis on India and the ASEAN Countries

Abstract

The Global Economic Crisis 2008 was started from United States from 2006–2007 and known as the worst financial crisis which affected all over the World. This causes the up-growing US housing sector to collapse and by which almost the developed and developing economies were affected. This study draws evidence by focusing on the impact of economic crisis in India and the ASEAN countries over the period of 2006–2010. Most of these countries were affected due to the problem of unemployment, low export earnings. Due to this the GDP of these countries were also badly affected. This study also deals with the impact of foreign trade in India and the ASEAN countries during the time of economic crisis. Moreover, the financial crisis slowed down the growth process of ASEAN countries and Indian economy as well during the time of 2008–2009