Despite painful lessons from Europe, integration should generate more opportunities than risks to East Asian countries if they are pursuing growth to spur domestic economies, agreed panellists at World Economic Forum on East Asia 2012.
During the opening plenary on May 31 on “East Asian Models for Transforming the Global Economy”, Gerard Mestrallet, chairman and executive officer of GDF Suez and co-chair of the forum, noted that even in Europe, the integration has helped sustain peace in the region for 50 years. Even when fiscal rules disrupt the process, he foresees deeper integration rather than disintegration.
Eswar Prasad, professor at Cornell University, noted that for a single currency, a better institution is necessary to ensure smooth integration. For Asean, integration is still an answer.
“The integration will not only draw capital but also strengthen domestic resilience,” he said, adding that these countries may not strengthen integration for capital, but they still need to deal with what comes with the capital.
Indonesia’s Trade Ministr Gita Wirjawan wished Europe show decisiveness like what Asian countries demonstrated during the 1998-1999 following the financial crisis. He also raised doubt whether the situation would be the same if the International Monetary Fund (IMF) is led by an Asian chief.
“We need a stronger Europe. We fear its weaknesses less than we fear its strengths,” he said.
Thailand’s Deputy Prime Minister and Finance Minister Kittiratt Na-Ranong added that integration will strengthen Asean as a whole, “but we’d not go as far as a single currency”.
While lauding the strengths of Asean nations, the panellists expressed grave concerns over the widespread corruption in the region.
Global fashion e-tailer Shein launches new hub in Singapore
How Businesses in Singapore can Reduce Overhead Costs During the Pandemic
The government is expected to draw on S$53.7 billion (US$40 billion) from its reserves for this year and an additional S24 billion (US$17.8 billion) over the next three years to assist local companies transition into a post-pandemic business environment.
Subscribe via Email
Thai baht becoming the region’s worst-hit currency in COVID pandemic
According to data from its tourism ministry as well as the World Bank, Thailand had only a little over 34,000...
Asia’s slow rate of vaccination is a thorn in the region’s economic recovery
Southeast Asia has been hit badly. Daily infections for Indonesia, Thailand, Vietnam are at their worst, on a seven-day moving...
TAT expects 850 billion baht ($25.7 bln) in tourism revenue after successful reopening
The Tourism Authority of Thailand (TAT) has set this year’s revenue target at 850 billion baht, 300 billion of which...
Download 1xBet mobile and play all over the world
Placing profitable bets or playing in a casino is now possible comfortably even without being tied to a computer. It...
3 ways Asia can recover from the COVID-19 pandemic faster
Countries in the East Asia and Pacific region will benefit from cooperation in three major areas: vaccine deployment, reviving sectors...