Saturday, January 09, 2010
By our correspondent
ISLAMABAD: Top officials from around Asia including Pakistan’s Minister for Finance Shaukat Tarin will attend an ADB sponsored two day regional conference at Manila to discuss the lessons of the global economic and financial crisis, and the policy adjustments needed to cushion the region against future shocks.
Over 80 participants, including finance ministers, heads of central banks, leaders from think tanks and the private sector, and development experts, from nearly 20 countries in the region will take part in a two-day regional forum organised by ADB on 14 - 15 January 2010 on the Impact of the Global Economic and Financial Crisis. ADB President Haruhiko Kuroda will open and close the forum and chair a panel discussion.
The forum will examine the broad causes of the crisis and its impacts in Asia, as well as the lessons learned, with senior officials from East Asia, South Asia, Southeast Asia and Central and West Asia, detailing the broad array of government policy actions taken in response.
Most Asian countries were not deeply exposed to the housing mortgage problems that affected US and European financial institutions, but the subsequent sharp slowdown in trade with the West did cause a major contraction in regional growth.
The crisis highlights the region’s heavy reliance on exports to the US and Europe, and participants will be discussing how Asia should adjust its economic focus, including the potential for boosting intra-regional trade and domestic markets.
“The substantial changes in the post-crisis global economy present new opportunities as well as challenges that require Asian policy makers to rethink or at least refine the economic development strategies that they have traditionally followed,” said ADB Managing Director General Rajat Nag.
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