Has Asia Recovered?

Two years ago, a nasty virus emerged in Bangkok. It spread rapidly through Asia and beyond, often claiming seemingly robust economies as victims. But no new cases have been reported in the past few months, and most of the original victims seem to be past the worst. Like anyone who has been very sick and starts to feel better, they feel relieved, even euphoric.

But are we celebrating too soon? Pundits who want to sound judicious are fond of warning against generalizing. Each country is different, they say, and no one story fits all of Asia.

This is, of...