ID :
43483
Sat, 01/31/2009 - 08:00
Auther :
Shortlink :
https://www.oananews.org//node/43483
The shortlink copeid
ASEAN NEEDS TO WORK TOGETHER, RI TO CHANGE EXPORT-BASED ECONOMY
Jakarta, Jan 30 (ANTARA) - To meet the challenges of the global financial crisis, ASEAN must work together while Indonesia needs to move away from its export-based economy, Asian Development Bank expert Masahiro Kawai said here Friday.
"It is very difficult in the environment because of the global slowdown and shrinking global and industrialized countries' markets to try to grow by way of exports," he said focusing on the need to move away from an export-based economy.
"Indonesia and Korea are facing international liquidity shortages and difficulty in raising funds from the international capital market," Kawai said in a forum "The Global Financial Crisis: Prospects, Challenges and Responses from ASEAN and East Asia" held by the ASEAN Secretariat.
Another impact was that remittance inflows were expected to slowdown in the Philippines, Indonesia and India, he added.
Thus Kawai outlined five policy recommendations for ASEAN member countries. These included avoiding beggar-thy-neighbor policy reactions such as competitive currency depreciation, export promotion policies and import restrictions in favor of producing policy synergy through concerted action, such as joint fiscal boosting.
"It is very difficult in the environment because of the global slowdown and shrinking global and industrialized countries' markets to try to grow by way of exports," he said focusing on the need to move away from an export-based economy.
"Indonesia and Korea are facing international liquidity shortages and difficulty in raising funds from the international capital market," Kawai said in a forum "The Global Financial Crisis: Prospects, Challenges and Responses from ASEAN and East Asia" held by the ASEAN Secretariat.
Another impact was that remittance inflows were expected to slowdown in the Philippines, Indonesia and India, he added.
Thus Kawai outlined five policy recommendations for ASEAN member countries. These included avoiding beggar-thy-neighbor policy reactions such as competitive currency depreciation, export promotion policies and import restrictions in favor of producing policy synergy through concerted action, such as joint fiscal boosting.
