That's just another reason for fading hopes that Asia might export its way out of the Crisis.

CNN: THE LONG, HARD CLIMB BACK UP

Recessions in Brazil and Argentina - its main export markets and sources of tourists - propelled the country into economic crisis in 2002.

BBC: Uruguay profile

The eurozone, one of its biggest export markets, is still grappling with a debt crisis with no long term solution in sight.

BBC: A worker at a factory in China

In the wake of the economic crisis, the government is keen to foster industries other than financial services with export potential.

ECONOMIST: British universities

Currently, global growth is threatened by several macro headwinds such as Euro-zone debt crisis and concerns over U.S. growth both of which can decelerate growth in export-reliant Asian economies and fuel inflation due to prolonged easy money policies.

FORBES: Macro Turbulence Taps Brakes On Ford Outlook

The country felt the brunt of the crisis in comparison with its big emerging market peers because Russia is dependent on oil and gas export revenues to fill government coffers.

FORBES: After Russian Election, Deregulation A Priority, Official Says