Like every walk of life in Asia, golf has suffered fallout from the region's economic crisis.
Golf course construction has slowed to a trickle, golf equipment manufacturers have seen retail sales dwindle, while sponsorship dollars, so crucial to the development of the game at all levels, have become fewer.
Yet, contrary to popular perception, it's not all doom and gloom in the Asian golfing world. Far from it.
Indeed, the enforced 'corrections' to previously inflated prices of golf club memberships, green fees and golf equipment will, in the mid to long term, benefit the game, allowing more people to be exposed to the sport.
So say nine captains of the golfing industry in a survey to be published in the premier issue of a new regional magazine that will hit the news-stands next week.
Far from wallowing in self-pity at the difficulties their respective sectors of the industry have faced in keeping their heads above water during the past 12 months, there is a reassuringly upbeat mood about the prospects for major growth in all areas in the new millennium.
That is the consensus of golfing legends and course architects Arnold Palmer, Gary Player and Lu Liang-huan, leading international officials Ken Schofield (PGA European Tour) and Ramlan Harun (Asian PGA Tour), global golfing sponsors Steven Foxcroft (Johnnie Walker) and Mel Pyatt (Volvo), sports marketing guru Mark McCormack (International Management Group), and golf equipment manufacturer Paul Gibbons (Wilson Sporting Goods).
