The idea that Asia's economies had largely decoupled from those in the west – thanks to the rise in intra-Asian trade and domestic consumption – still had its backers until the middle of September.
But Lehman Brothers' collapse , triggering the global financial turmoil, well and truly laid the debate to rest.
Singapore this month declared it was in recession, the credit bubble popped in India, while markets and currencies across the region tumbled amid capital flight to safer havens in the west.
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