Economies Hurt by SARS, and Fear
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Michael Glynn rested barefoot on the deck of his fishing boat at the dock here after unloading his catch, and talked about how an outbreak of disease 3,400 miles away had wrecked his livelihood.
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Restaurants in Hong Kong, by far the biggest buyers of live Australian reef fish, halted their purchases four weeks ago when severe acute respiratory syndrome, or SARS, prompted diners to stay home in large numbers. The restaurants have barely bought any since, and fish prices have collapsed.
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The troubles of Great Barrier Reef fishermen, who operate Australia's largest fishing fleet, show how even small, out-of-the-way industries are feeling the effects of SARS. The disease — and more important, fears of the disease — are starting to cause measurable economic and commercial harm around the world, particularly in sections of the Asia-Pacific region.
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SARS is causing the worst economic crisis in Southeast Asia since the wave of bank failures and currency devaluations that swept the region five years ago. The economies of Hong Kong, Singapore and Taiwan have not just abruptly stopped growing but have begun shrinking, the economies of Malaysia and Thailand are probably next and even China's booming industrial expansion is beginning to slow, said Andy Xie, an economist with Morgan Stanley.
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