The credit crisis in the US has done a lot of good to the leading economies of Asia. While profits of the companies got battered in the year 2007 due to the depreciation of USD, they gradually forayed into other markets with a change of mind on preferred currency. The IT industry was the one, mostly got affected by the fall in dollar prices. If the dollar had not depreciated, the increase in foreign exchange reserves of the region also would have created new highs which already have done remarkably well.
According to the latest study “2008 Asia-Pacific IT Market Prediction” conducted by Springboard Research the Asian region has become far less dependent on export-driven growth compared to previous years. Further the study shows future IT investments are going to be in new markets to bolster their growth beyond region specific concentration. The other imminent challenges would be met by reducing cost of operation, improving application performance and retaining skilled personnel.
The other industries too are keen on implementing the approach taken by the IT. The most happening nation in the region, India testifies this through finding an inward solution by reaching out to their domestic market while rupee appreciated substantially. The only cause of concern which may come in the way of the economic growth of the region is the surge in oil prices which have already traded beyond $100 per barrel. But the overall outlook of leading Asian economies is very bright especially due to their immediate measures to spread out their tentacles to every possible market.