Who falls faster?  A new Great Depression?

For the past month there has been something of a race between East Asia and Eastern Europe to see which is collapsing faster in the global recession.

Until this week the catastrophic decline in Asia’s export trade appeared to make it the more likely candidate. Taiwan’s exports fell 42 percent year on year in December, and its economy shrank by almost 7 percent in the fourth quarter last year. South Korea’s exports fell by 23 percent. Singapore’s non-oil domestic exports contracted 35 percent in January from a year earlier, the government reported.

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