Economic Crisis



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" was published in partnership with the Institute of Southeast Asian Studies (Singapore) in May 2010. To order, please click here.

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 Table of Contents:

- Preface

- Executive Summary

1. A Regional Framework for Inclusive, Balanced, Sustained Growth

2. China: Achieving Sustained Growth

3. Advanced Asia: Achieving Sustained Growth

4. Southeast Asia: Achieving Sustained Growth

5. North America: Achieving Sustained Growth

6. South America: Achieving Sustained Growth


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)


"Global Financial and Economic Crisis: Macreconomic Policy Issues"

Date and time
28-29 July 2009

Asian Development Bank Institute, Tokyo, Japan

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Discussion Forum

The trouble with Canada’s ‘progressive’ trade strategy
Hugh Stephens, Distinguished fellow, Asia Pacific Foundation of Canada; Vice-Chair of the Canadian National Committee for Pacific Economic Cooperation (CANCPEC)

Near-Shoring gains traction as Globalisation stalls
Mark Millar, Author of Global Supply Chain Ecosystems and Visiting Lecturer at Hong Kong Polytechnic University

Going It Alone in the Asia-Pacific: Regional Trade Agreements Without the United States
Peter A. Petri (PIIE), Michael G. Plummer (Johns Hopkins University and East-West Center), Shujiro Urata (Waseda University) and Fan Zhai (Former Managing Director, China Investment Corporation)

The Linkage between Services and Manufacturing in the US economy
Sherry M. Stephenson, Senior Fellow, International Centre for Trade and Sustainable Development

Digital DNA: Disruption and the Challenges for Global Governance
Peter F. Cowhey (University of California, San Diego), 
Jonathan D. Aronson (University of Southern California