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Asia Woes Don't Worry Missouri Officials

August 27, 1998
By: Lee McGuire
State Capital Bureau

As markets in Asia continue to slide, state government officials are evaluating how the foreign crisis will influence our economy. Lee McGuire has the story from the Capital.

State budget director Mark Ward says that although the volatile Asian markets are something to keep an eye on, the effect on Missouri will be limited.

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Contents: [107K WAV file - The state budget director says Asia contributes a small part of the state's economy.]

So far, the weakness in Asia has fed the slowdown on Wall Street, and has contributed to a drop in commodity prices. Eventually, it should result in cheaper imports from overseas. Lee McGuire at the state capital.

The effects of the financial crisis in Asia have reached Missouri's farmers, but strong business elsewhere has helped contain the damage. Lee McGuire has more from the state capital.

While U.S. agricultural exports are down, state officials say expanding markets, like Mexico, are easing the impact on Missouri. Mark Hitt is program director at the state agriculture department. He says the Mexican strength is helping to offset the Asian weakness.

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Contents: There are always some bright spots in the world, as opposed to some areas where countries are working through their own problems.

Despite lower soybean, corn and wheat prices, the increased business in Mexico should help Missouri farmers approach the 1.3 billion dollars in agricultural exports achieved in 1997. Lee McGuire at the state capital.