Tuesday 28 April 2009


ASIA’S VOICE

Fidel Ramos

Beijing Review, April 28, 2009

It is an accepted fact that the emerging Asian economies are reeling from the swirling global financial storm, although their woes remain relatively shallow. From a long-term perspective, the stagnation in the Western world raises questions about Asia's future. So what are the biggest challenges facing Asia in response to the crisis? How can the region seek a return to fast-track growth? Fidel Valdez Ramos, Chairman of Board of Directors of the Boao Forum for Asia and former President of Philippines, discussed these issues during the forum's annual conference on April 17-19 in Hainan Province. Edited excerpts follow:

The financial chaos is exacting a heavy toll on emerging Asian economies via weakening exports, but its actual impact depends largely on how the world can effectively respond to the crisis. Generally, emerging Asia is showing the symptoms of Western ailment in the following three ways:

First, the stock market bust in the United States, the UK and Japan has triggered a domino effect, sending the stock markets of some emerging countries into an abyss.

Second, the financial chill has found its way to the real sectors, such as exports, investments, jobs and people's income. The most vulnerable are countries that rely on exports for growth, such as China. The poor countries will also suffer as developed countries pare down their assistance budgets.

Third, the developing world now accounts for a large population of migrants around the world. If they lose jobs and come back home, the social instability and poverty in their home countries will intensify.

(...) [artículo aquí]

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