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Towards Balanced and Sustainable Growth Strategies for Post-Crisis Asia: A shifting Paradigm and Challenges
Edited by Masahiro Kawai, Eduardo Pedrosa, Tan Khee Giap and Grace Aw
The world is emerging from its worst economic downturn is living memory but this recovery is unevenly spread across the region and the world. Moreover, there is greater uncertainty over whether the time is right to consider fiscal and monetary consolidation after the intervention of 2009.
The challenge today is to exit from the extraordinary stimulus measures taken in response to the crisis and develop strategies for sustained growth in the years ahead. Balanced against this is a recognition that decisions made today in favour of an early exit may lead to an unncessarily long period of slow growth if not stagnation for the global economy. In response to the crisis the international community put emphasis on concerted action embodied in the institutionalization of the G20 process as the premier forum for international economic policy coordination. Across the world governments came together to develop a coherent response to the economic crisis rejecting protectionism and cooperating on fiscal and monetary measures to bolster demand. At this critical juncture it is vital that the sense of community, shared interest and concerted action be maintained.
This conference organized by the Singapore National Committee for PECC (SINCPEC) and the Asian Development Bank Institute (ADBI) brought together an eminent group of experts and policy-makers to consider some of the policy-options that the region's governments can consider as part of their tool-kits to achieve their objective of balanced, inclusive, sustained, innovative and strong growth.