The first two months of 2002 have been characterised by conflicting signals and subsequent confusion for the investor. Pronoucements that the "global recession" actually finished late in 2001 have been followed by words of caution from economists. Major stock market indicies seem to be levelling off from their post September 11th increases, and daily charts are characterised by fairly steep falls and rises.

However, the Asian sector seems to have more claims to recovery than other regions. South East Asian bourses have been creeping up, with Thailand leading the bunch. Add to this the steady recovery of East Asian economies sans Japan - eg: South Korea and Taiwan over the past 12 months, and Asia is looking good.

The popular Western analysis spin of the Asian crisis - that Asian economies were badly managed internally, and beset by sweetheart relationships, corruption and political favours - has been dealt a blow by the travails of Enron, Global Crossing and Anderson et al, suggesting that Western and Global business and accounting practices are in no way immune to the very same factors.

At the same time, South East Asia and China continue to include some of the most low cost and cost-effective business bases (talking Thailand, Malaysia, Philippines). In that case, there has been little change in the past 10 years. Some of these bases boast English speaking partners and company officials. And countries like Singapore, while relatively expensive for doing business, provide the highest standards of infrastructure, management and technical expertise. The opportunities, though higher risk in China, is well know to all.

Only a moribund Japan, seemingly unwilling to make the radical changes in economic and business structures necessary for recovery are things still looking bleak. Even Vietnam is now back on the awareness mindset of foreign investors.

In a report today from Reuters correspondant Cal Mankowski, the message is quote clear...

If the global economy is going to snap back strongly, Asia may be the place where you see it first.

According to Mankowski, "...managers of emerging markets funds, one of the best performing stock fund categories late in 2001 and early this year, say a resurgence in Asian economies is already starting...

We say... Time for a relook at Asia, and possibly the analysis of the reasons for the Asian crisis. For it may not be that corruption, monopolies, protection, and tight relationships between supposedly independent basis of power are unqiue to Asia and emerging markets. It just happened that the weakest felt the effects first in a globalized economy...