The Asian financial turmoil and the government's revenue troubles make the need for Hong Kong to reinvent itself ever more urgent.

ECONOMIST: Hong Kong

Fragile conditions in major economies have further led to a slowdown in Indian exports, exacerbating the turmoil in the South Asian economy which was expanding at a robust 9% pace just before the global financial crisis in 2008.

WSJ: ADB Expects Indian Economy to Expand 6%