Growth in output in East Asia, supported by the continued vibrant performance of the region‘s exports, particularly in China, accelerated to about 6. 8 per cent in 1991. Despite the slowdown in industrial-country markets, export volumes for the group of East Asian countries advanced at double-digit rates, implying gains in market share. The major risk facing this highly trade-oriented region is the potential for sluggishness in world trade flows. Economic weakness in some of the region‘s traditional export markets has underlined the importance of market diversification, including a further strengthening of ties within the region. The GDP growth rate in 1991 in the South Asia region was 2. 8% down. The decline was partly caused by India‘s reining in of its budget deficit and the short-term effects of the implementation of strong emergency stabilization measures, which coupled with the collapse of the Soviet market and recession in the U. S. The emergency measures included a severe compression of imports, tight credit policies and exchange rate devaluation.
1. What is market diversification
2.What‘s the meaning of "reining in" in the context
3.What‘s the main content of the emergency stabilization measures
