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Let Growth Engines Drive Recovery
Business Times (Singapore)
9 October 2009

Inclusive, Balanced, Sustained Growth in the Asia Pacific
 
Based on PECC Taskforce on economic crisis and recovery
Edited by Peter A. Petri
Published by PECC and ISEAS (May 2010)
 
 

The recovery of the Asia Pacific region from the global economic crisis of 2008-2009 is underway but incomplete. Risks range from slow growth and persistent unemployment to re-emerging international imbalances and financial volatility. While early policy responses to the crisis were successful in avoiding a larger calamity, new policy strategies are now needed. The Report identifies priorities for replacing stimulus programs with structural reforms, and for launching new growth engines to drive investment and employment throughout the Asia Pacific region.

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Economic Crisis

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 Research 

East West Dialogue:
How the Asia Pacific can drive the global recovery
 

 IMF World Economic Outlook:
 “Financial Stress, Downturns, and Recoveries” , World Economic Outlook

International Chamber of Commerce:
 “Trade volume and value decline sharply as a result of crisis”

Dani Rodrik's Blog:
 “Getting the global stimulus numbers right”, Sameer Khatiwada

Dani Rodrik's Blog:
“A global survey of stimulus plans”, by Kevin P. Gallagher

World Bank:
“Protectionist Measures Show Worrisome Rise Since Beginning of Financial Crisis: Study shows 17 of G-20 countries have implemented trade-restricting measures"

G20 Official Website

Vale Columbia Center on Sustainable International Investment:
 “The Global Financial Crisis: Will State Emergency Measures Trigger International Investment Disputes?” Anne Van Aaken And Jürgen Kurtz

 East Asia Forum:
"Asia and the Global Financial Crisis"

WTO:
"WTO sees 9% global trade decline in 2009 as recession strikes"

 

Towards A Sustainable Recovery PDF Print E-mail

Overview

Asia Pacific economies are mounting wide-ranging efforts to mitigate the impact of the global financial crisis and to adapt their growth models to new economic realities.  This project assesses the region’s progress in fighting recession, rebalancing economic structures, and managing the transition to a new, sustained growth path. It anticipates the critical policy changes that are required in the Asia Pacific to move from crisis management to stable growth, and explore important potential growth engines—ranging from regional integration to social policies and the environment—that can drive the region’s future development. The study pays close attention, in particular, to the role of regional linkages and cooperation in achieving a timely recovery. The research builds on data and forecasts developed by several institutions and focuses on analysis and synthesis rather than primary data collection.

The study was released at the time of APEC Summit in Singapore in the fall of 2009 with sections addressing: (a) new, sustainable growth models for the Asia Pacific, (b) progress by individual economies toward those models, and (c) the role of regional economic relations during the crisis and in facilitating recovery. The full report entitled, "Inclusive, Balanced, Sustained Growth in the Asia-Pacific" is being published in partnership with the Institute of Southeast Asian Studies (Singapore) and will become available early May 2010.

Project Team

  • Professor Peter A. PETRI (Coodinator, US)
    Brandeis University and East-West Center

  • Professor Yongfu CAO (China)
    Chinese Academy of Social Sciences and Visiting Scholar, Brandeis University

  • Professor Wendy DOBSON (Canada)
    University of Toronto

  • Professor Yiping HUANG (China)
    Peking University and Australian National University

  • Professor Michael PLUMMER (US)
    Johns Hopkins University (SAIS Bologna Center) and East-West Center

  • Professor Raimundo SOTO (Chile)
    Pontificia Universidad Catolica de Chile

  • Professor Shinji TAKAGI (Japan)
    Osaka University

Advisory Panel

  • Dr CHIA Siow Yue (Singapore)
  • Prof Barry EICHENGREEN (US)
  • Prof Christopher FINDLAY (Australia)
  • Amb Jonathan FRIED (Canada)
  • Dr Masahiro KAWAI (Japan, ADBI)
  • Dr Jong-Wha LEE (Korea, ADB)
  • Dr Yung Chul PARK (Korea)
  • Prof Hugh PATRICK (US)
  • Mr Andrew SHENG (Malaysia)
  • Prof Robert SCOLLAY (New Zealand)
  • Dr Chalongphob SUSSANGKARN (Thailand)
  • Dr Shujiro URATA (Japan)
  • Dr Joseph YAP (Philippines)
  • Dr Yunling ZHANG (China)

 Events

"Global Financial and Economic Crisis: Macreconomic Policy Issues"

Date and time
28-29 July 2009

Venue
Asian Development Bank Institute
Kasumigaseki Building 8F
3-2-5, Kasumigaseki, Chiyoda-ku,
Tokyo 100-6008 Japan
Tel: +81-3-3593-5500              
Fax: +81-3-3593-5571