ID :
336470
Fri, 07/25/2014 - 18:39
Auther :

BOJ:Challenges remain in Asian economies

BANGKOK, July 25 (TNA) - Bank of Japan (BOJ) Governor Haruhiko Kuroda says although Asian economies have played more roles on the world market, they are still confronting three challenges presently. Delivering his speech, entitled "Asia’s Contribution to Global Growth", in Bangkok on Thursday, Kuroda acknowledged that the overall Asian economy now accounts for two-thirds of the global economic growth and it has changed in a positive way to depend more on domestic consumption now, instead of exports as in the past. Kuroda cautioned, however, that the Asian region is still confronting three challenges, including the change in the population structure, especially the rising aged population which would pose more fiscal and economic problems. Besides, the visiting BOJ chief pointed out, financial stability in the Asian region needs to be upheld through loan control and disciplinary framework to prevent any repeated financial crisis and cooperation mechanisms in the region need to be established, including those on information exchanges, to reduce risk factors and to help boost regional liquidity. On the current political problem in Ukraine, the BOJ chief assessed that it should not significantly affect the global economic recovery. The BOJ governor also viewed Thailand’s economy has strong resistance, resilience and stability to cope with problems and the Thai economy will, thus, sustain its long term growth when the domestic political situation becomes stable. Meanwhile, the Thai Ministry of Commerce reported that the country's exports last month totaled about 20.47 billion U.S. dollars, up 7.2 per cent year-on-year and the highest so far this year, making it possible for Thai exports to grow by 3.5 year-on-year on average in 2014 as earlier targeted. It is also expected that once the ongoing reconstruction of a historic railway bridge, linking Klong Luek area in Thailand's eastern Aranyaprathet Province with Poi Pet area in Cambodia's Banteay Meanchey Province, is completed, Thai exports to the Cambodian market will be increased, boosting further the overall Thai exports. The new railway bridge will replace the old one, which was built in the reign of Thailand's King Rama XII and has been closed for nearly 40 years due to impacts from Cambodia's past civil war. (TNA)

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