What began as a downturn in the US housing sector in the summer of 2007 had mushroomed into a global financial crisis by September 2008: the most severe since the 1930s. Developing countries, including China and India, at first seemingly sheltered from the worst of the turmoil, have not been immune to the contagion's spillover effects. What are China and India's precise vulnerabilities, and what can each do to better insulate their economies from the vagaries of global financial marker turmoil? Equally important, what long-term strategies must each country adopt to make their economies more resilient to global market downturns?
- subprime crisis