The main complaint of the firms in all countries, with the exception of the Philippines, was the collapse of domestic demand for their products. This complaint is mirrored by the macroeconomic data showing a sharp decline in investment and consumption. The governments of Indonesia, the Republic of Korea, Malaysia, the Philippines, and Thailand, with the technical assistance of the World Bank, undertook an extensive survey of 4.000 firms between November 1998 and February 1999. 'Asian Corporate Recovery' reports the findings of the surveys and explores the impact of the crisis by looking at changes in capacity utilization, export performance, and employment practices. It examines the causes for the decline from the perspective of the surveyed firms and discusses credit availability issues at length.