A few years ago articles on the Far East were peppered with descriptive phrases such as "Tiger Economies," "The Asian Miracle," and "Land of the Rising Yen." Now the phrases are more forbidding:"Asian Economic Influenza," "Asia Chill," and "The Asian Effect" (as in the headline "Boeing and Airbus Orders Hit by Asian Effect"). At the 1996 Singapore Asian Aerospace Conference, forecasters confidently predicted a booming aerospace industry that would serve the region's vast Iocal market. Air traffic in the Asia-Pacific region was projected to grow 9% in 1997-1998, compared to 5% for North America. Asian aviation-related businesses were expected to attain 40% of the world aircraft and aerospace markets by 2010.
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