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Instead, the country ended up with daunting levels of foreign debt.
Given questions about the strength of this expansion, the rapidly growing trade deficit and enormous levels of foreign debt, ignoring the high dollar will only make matters worse in a year or two.
In explaining its rating, Standard & Poor's cited Vietnam's high savings rate, low levels of foreign debt and the bright potential for investment and exports in the wake of last year's bilateral trade agreement with the United States.
With one of the highest levels of foreign debt both on the corporate and public side, Hungary has been seen as one of Eastern Europe's most fragile economies.
After a few years of impressive economic growth, embellished by large-scale infrastructure projects, Marcos' one-man-rule transformed into a colossal economic failure, anchored by runaway levels of foreign debt and American strategic aid amidst the intensifying Cold War in East Asia.
Typically, low income food importing countries that rely heavily on tradable cereals for their diets (deriving most the country's dietary energy needs from imports) and are already experiencing high levels of foreign debt, are most of vulnerable to global food price shocks.
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According to Tim Condon of ING, the windfall has produced the highest level of foreign debt relative to reserves in Asia.
Indonesia has a much lower level of foreign debt relative to income now than it did in the 1990s.
What results is a remarkable accumulation of foreign debt.
But, third, purchases of foreign debt would boost foreign economies and place downward pressure on the dollar.
Nina Schick, of Open Europe, estimates that Russian companies have $653bn of foreign debt.
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