The Big Crash: The world was hit with a double whammy in 2003 with the outbreak of the Sars epidemic and the Iraq war. Asian economies, just starting to find their feet after the finanical crisis of the 1990s, were forced back into slower growth and ression fears.
Recovery: Fairly rapid. In fact, after Sars was contained, many economies including Singapore and China embarked on the multi-year economic expansion, fuelled by growing export demand and long delayed property booms.
Why it's Important: The downturn is still fresh in people's mind.
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