Because of its conservative financial approach and its entrepreneurial strengths, Taiwan suffered little compared with many of its neighbours in the 1997 Asian financial crisis. Unlike its neighbours, South Korea and Japan, the Taiwanese economy is dominated by small and medium-sized businesses, rather than the large business groups. The global economic downturn, however, combined with poor policy co-ordination by the new administration and increasing bad debts in the banking system, pushed Taiwan into recession in 2001, the first whole year of negative growth since 1947. Due to the relocation of many manufacturing and labour-intensive industries to the PRC, unemployment also reached a level not seen since the 1970s oil crisis. This became a major issue in the 2004 presidential election. Growth averaged more than 4 per cent in the 2002–2006 period and the unemployment rate fell below 4 per cent.