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That leaves Britain's economy dependent on foreign demand.
The recent surge in the yen has caused problems for Japanese exporters dependent on foreign demand.
But Malaysia, which is much more dependent on foreign demand, will be hit harder.
First, it is too dependent on foreign demand, reflected in an excessive current-account surplus of 5% of GDP last year, while consumer spending is feeble (one reason why enthusiasm for the government is low too, see article).
The initial rise of global supply chains, thanks to which imported components ("intermediate goods") came to account for 30-60% of the exports of G20 countries, brought about a sharp increase in the share of the workforce that is ultimately dependent on foreign demand.
On top of this, if a sinking American economy pulled the dollar down with it, this would further squeeze Asian exporters.A recent report by Peter Morgan at HSBC estimates that slower American growth will hurt China, India and Japan much less than it will the smaller Asian economies, such as Singapore, Taiwan and Hong Kong, that are more dependent on foreign demand.
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Unaffordable housing points to high dependence on foreign demand.
First, rich countries, collectively, are relying too much on foreign demand as a source of growth.
The pound's weakness in the second quarter had little impact on foreign demand for products.
"Muziris was entirely dependent on foreign, especially Roman, demand for pepper," De Romanis says.
But with a country almost wholly dependent on foreign aid, it will need help.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com