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ASIA MUST REBALANCE ITS GROWTH TO SURVIVE GLOBAL DOWNTURN: ADB.
TASHKENT, April 1 Asia Pulse - Developing Asia should rebalance growth to endure the global crisis and boost its resilience to large external shocks in the long run.
The Asian Development Outlook 2009 (ADO 2009), released Tuesday, says that the ongoing global financial and economic crises have underlined the risks of growth that is excessively dependent on external demand.
The report recognizes that export-led growth has delivered enormous benefits for the region, and will continue to do so in the coming years; however, developing Asia's large and persistent current account surplus is an integral part of the global imbalances that underlie the current global financial crisis.
ADO 2009 acknowledges that the region may have been paying a heavy price for its share of the global imbalances. The price is associated not only with the costs of consuming too little but also with the costs arising from failure to use savings more productively within the region.
"Rebalancing growth is fundamentally in developing Asia's interest," says Asian Development Bank (ADB) acting chief economist Jong-Wha Lee; however, given the diversity of the nature and the underlying causes of their current account positions, the optimal policy mix for rebalancing will necessarily differ from country to country.
The report lays down a set ...
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Source: HighBeam Research, ASIA MUST REBALANCE ITS GROWTH TO SURVIVE GLOBAL DOWNTURN: ADB.