No continent and no country on earth is in good shape for near and mid term economic recovery. Its the triumph of globalism, spreading the pain of failed industrial strategies like a virus. Look at it this way countries with the least recent downturns are the poorest and gradually they are succumbing as well.
Offshore onshore doesn't really matter both will fail. India is poised for an economic crash it can't comprehend, as is china, as is europe, as is the united states each will take their surrogate trade partners with them as they collapse. This is why global trade advocates make very poor adults, adults know that as disease spreads you isolate yourself from the affected and are responsible for your own recovery. Global trade advocates believe that spreading suffering and ill health will magically make you immune to disease. This is why poor countries without industrial economies and with limited trade are likely to suffer the least.
Sell cheap to whom? Layoffs and scaling back are universal. I hear companies say : "Oh in this market were going to look for deals" and I wonder why didn't someone teach these executives what 'market' and 'deal' means when they were kids. They use the word 'economy' and I about die laughing. 'In this economy' sounds sort of like saying 'between my old life, but right next to my insides'. Pure gibberish.