ID :
19616
Mon, 09/15/2008 - 20:24
Auther :
Shortlink :
https://oananews.org//node/19616
The shortlink copeid
GLOBAL ECONOMY NEEDS NEW INT'L COOPERATION FRAMEWORK
SINGAPORE, Sept 15 (Bernama) -- Singapore says the world needs to evolve
new international frameworks for cooperation that can effectively stave off
potential global and regional economic conflicts in the decades ahead.
Government of Singapore Investment Corporation deputy chairman Dr Tony Tan
said the current international system for conflict resolution had been eroded
by the recent lack of coherent international leadership from developed
economies.
The post-World War II and United Nations-centered institutions and fora
were also biased towards developed countries, Tan told the International
Institute for Strategic Studies' 50th Anniversary Conference in Geneva,
Switzerland, Sunday. The text of his speech was released here Monday.
Tan said over the coming decade emerging markets were expected to
eventually account for more than half of global growth and this could pose
several implications.
He said the emerging economies would displace the G-7 as the world's
largest economies over the next two to three decades even if per capita incomes
still lagged behind those of the developed economies.
Tan said the economic trends of the last 25 years had been broadly benign
but the coming decades could be more challenging such as the return of inflation
and higher oil and commodity prices.
He also said significant stagnation and inflation risks suggested that
challenges and potential conflicts arising from both protectionism as well as
resource nationalism could seriously jeopardise globalisation of production and
markets.
Countries that were reliant on imports of commodities, such as China, could
be more aggressive in their pursuit of predictable supplies of food, oil and
raw materials.
Countries like Venezuela, Iran or Russia could use the supply of scarce
energy as a diplomatic weapon.
"We have already seen this vividly in recent weeks and could well see it
again in coming years," Tan said.
He said conflicts within and between countries over commodity-rich
disputed territories whether in the Spratlys, Iraq or the Niger Delta might
intensify
often with grave global consequences.
Some food-producing countries might limit exports to safeguard domestic
supply, further worsening global food scarcity, he said.
The consequences of such adverse developments would be exacerbated in an
environment of food and energy-led inflation which would hurt the poorer
populations of developing countries more than the comparatively richer
populations of developed countries, Tan said.
He said unless international frameworks for cooperation and global
management of scarce food, energy and water resources were developed in time,
the potential for conflict and political instability could rise.
At least the current multilateral international institutions as
well as their reform to include major emerging economies as key stakeholders
should be strengthened, he added.
new international frameworks for cooperation that can effectively stave off
potential global and regional economic conflicts in the decades ahead.
Government of Singapore Investment Corporation deputy chairman Dr Tony Tan
said the current international system for conflict resolution had been eroded
by the recent lack of coherent international leadership from developed
economies.
The post-World War II and United Nations-centered institutions and fora
were also biased towards developed countries, Tan told the International
Institute for Strategic Studies' 50th Anniversary Conference in Geneva,
Switzerland, Sunday. The text of his speech was released here Monday.
Tan said over the coming decade emerging markets were expected to
eventually account for more than half of global growth and this could pose
several implications.
He said the emerging economies would displace the G-7 as the world's
largest economies over the next two to three decades even if per capita incomes
still lagged behind those of the developed economies.
Tan said the economic trends of the last 25 years had been broadly benign
but the coming decades could be more challenging such as the return of inflation
and higher oil and commodity prices.
He also said significant stagnation and inflation risks suggested that
challenges and potential conflicts arising from both protectionism as well as
resource nationalism could seriously jeopardise globalisation of production and
markets.
Countries that were reliant on imports of commodities, such as China, could
be more aggressive in their pursuit of predictable supplies of food, oil and
raw materials.
Countries like Venezuela, Iran or Russia could use the supply of scarce
energy as a diplomatic weapon.
"We have already seen this vividly in recent weeks and could well see it
again in coming years," Tan said.
He said conflicts within and between countries over commodity-rich
disputed territories whether in the Spratlys, Iraq or the Niger Delta might
intensify
often with grave global consequences.
Some food-producing countries might limit exports to safeguard domestic
supply, further worsening global food scarcity, he said.
The consequences of such adverse developments would be exacerbated in an
environment of food and energy-led inflation which would hurt the poorer
populations of developing countries more than the comparatively richer
populations of developed countries, Tan said.
He said unless international frameworks for cooperation and global
management of scarce food, energy and water resources were developed in time,
the potential for conflict and political instability could rise.
At least the current multilateral international institutions as
well as their reform to include major emerging economies as key stakeholders
should be strengthened, he added.
