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The
East Asian crisis has put an end to the
optimistic picture that the World Bank
tried to paint about the region’s
economy. Dependence on FDI has weakened
industrial capabilities in Southeast Asia.
South Korea keenness to enter the OECD
at any cost led to its own vulnerability.
This is a lesson to learn for Africa which
is being forced to accept the IMF-World
Bank prescription.
January 20, 2003.
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