Asia Optimistic in the Face of Global Financial Turmoil; ECONOMY

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Byline: By Vidya Ranganathan In Singapore

Asia is staring once again at a global financial market turmoil, but this time with confidence that its economies are out of harm's way - at least for now.

Such optimism is new for a region that has seen more than its fair share of financial upheaval, but it is based on sound reasoning.

Asia, excluding Japan, is expanding at more than eight per cent a year. Barring India, hardly any country in the region needs foreign money to fund that growth.

A huge stockpile of foreign currency reserves and low levels of short-term debt mean Asia is in no danger of being dragged into a crisis, like the one in 1997/98, …