ID :
200556
Thu, 08/11/2011 - 05:50
Auther :
Shortlink :
https://oananews.org//node/200556
The shortlink copeid
ASEAN ECONOMIES IN BETTER POSITION TO FACE GLOBAL UNCERTAINTIES
JAKARTA, Aug 11 (Bernama) -- The economies of the Association of South-East
Asian Nations (Asean) are in a better position to face the global uncertainties
and the US and Europe can no longer power the world economy, said Indonesian
Vice President Boediono.
Citing the recent global volatilities, he said, all Asean economies were
affected by the global financial crisis, but relatively sound fundamentals and
quick responses rewarded them with a rebound by 2010.
Boediono said this at the opening of the 43rd Asean Economic Ministers
Meeting and related meetings in Manado, north Sulawesi Wednesday, according to a
news release by the Asean secretariat here.
He said in recent weeks, there were uncertainties in the US with the
protracted debate on the debt ceiling, potential for a double-dip recession and
most recently, the downgrade of the US sovereign rating.
"In Europe, we have seen the difficulties in managing the debt packages of
Greece, Ireland and Portugal, and the anxieties of a debt crisis spreading to
Italy and Spain.
"What does all of this mean to us in Asean? Since the 2008 global financial
crisis, it is evident that the US and Europe could no longer be the main engines
of growth of the world economy," he said.
Boediono said the strength and relevance of regional cooperation would once
again be tested as Asean faced uncertainties in the global economy and the
rather shaky functioning of multilateral institutions and governance.
Looking East, he said, Asean now faced a large and increasingly powerful
Chinese economy in the north and a huge Indian economy in the west was also
making rapid progress.
"The region will ultimately need to define its role and competitive
strengths at the crossroads of these two emerging economic giants," he said.
Meanwhile, Asean secretary-general, Dr Surin Pitsuwan, in echoing Boediono's
observations, said Asean needed to review its work, and to do that in the
context of the ever-changing global economic developments.
"2015 is not too far away. We need to ensure that we are able to steer and
keep on track towards achieving our commitments," he said.
Asean has targeted 2015 for the realisation of an Asean Community, which
would be built on three pillars -- Asean Economic Community, Asean
Political-Security Community and Asean Socio-Cultural Community.
Asian Nations (Asean) are in a better position to face the global uncertainties
and the US and Europe can no longer power the world economy, said Indonesian
Vice President Boediono.
Citing the recent global volatilities, he said, all Asean economies were
affected by the global financial crisis, but relatively sound fundamentals and
quick responses rewarded them with a rebound by 2010.
Boediono said this at the opening of the 43rd Asean Economic Ministers
Meeting and related meetings in Manado, north Sulawesi Wednesday, according to a
news release by the Asean secretariat here.
He said in recent weeks, there were uncertainties in the US with the
protracted debate on the debt ceiling, potential for a double-dip recession and
most recently, the downgrade of the US sovereign rating.
"In Europe, we have seen the difficulties in managing the debt packages of
Greece, Ireland and Portugal, and the anxieties of a debt crisis spreading to
Italy and Spain.
"What does all of this mean to us in Asean? Since the 2008 global financial
crisis, it is evident that the US and Europe could no longer be the main engines
of growth of the world economy," he said.
Boediono said the strength and relevance of regional cooperation would once
again be tested as Asean faced uncertainties in the global economy and the
rather shaky functioning of multilateral institutions and governance.
Looking East, he said, Asean now faced a large and increasingly powerful
Chinese economy in the north and a huge Indian economy in the west was also
making rapid progress.
"The region will ultimately need to define its role and competitive
strengths at the crossroads of these two emerging economic giants," he said.
Meanwhile, Asean secretary-general, Dr Surin Pitsuwan, in echoing Boediono's
observations, said Asean needed to review its work, and to do that in the
context of the ever-changing global economic developments.
"2015 is not too far away. We need to ensure that we are able to steer and
keep on track towards achieving our commitments," he said.
Asean has targeted 2015 for the realisation of an Asean Community, which
would be built on three pillars -- Asean Economic Community, Asean
Political-Security Community and Asean Socio-Cultural Community.
