Topicality of Asian economy has refused to fade for almost four decades; if anything it has been levitating. The Asian economy has changed markedly since the economic and financial crisis of 1997-1998 and is continuing to evolve. As a scholarly subject matter, Asian economy has not stopped attracting academicians, policy mandarins, decision makers in the arena of business and students of Asian economy. The Asian crisis was a cataclysmic event for the region and brought to the surface several systemic limitations, like those in the financial sector, corporate governance, regulatory oversight, legal framework, and exchange rate management. Managers of Asian economy need to get to the bottom of these acutely problematical systemic issues. Additionally, Asian economies need to change with the demands of time and devise their post crisis development strategy. Asia#s growth model, that served it so well for four decades, is overdue for renewal so that it can re- strengthen its bonds with the ever-evolving regional and global economic reality. The old growth model is likely to be less relevant and effective in the post-crisis future of the Asian economies. It is sure to run into the wall of diminishing returns.