East Asia Summit (EAS) has emphasized member countries' joint efforts to accelerate regional economy, to build a foundation for food security and energy, to face the threat of natural disaster, and to maintain the peace, security, and stability in the region. Indonesian President Susilo Bambang Yudhoyono officially opened the East Asia Summit at Bali International Convention Centre (BICC), in Bali, on November 19. The President said that this regional forum was facing some potentials and problems that have to be responded by all the nations participating in the East Asia Summit. The highlights of the East Asia's interest were to recover and improve the world's economy in addition to maintaining and harmonizing the regional economy. Mr Yudhoyono also put an emphasis on the interest of ASEAN nations and their dialogue partners to strengthen their cooperation as a way out to overcome regional fundamental problems. Previously, the UN Secretary General Ban Ki-moon said that he … [Read more...] about EAS highlights combined efforts to accelerate regional economy
Economy
APEC committed to building seamless regional economy
Leaders of the Asia-Pacific Economic Cooperation (APEC) forum said here Sunday that they are committed to building a seamless regional economy through joint efforts. "In APEC this year, we have committed to taking concrete steps toward a seamless regional economy, in order to link our economies and markets ever closer together, to the benefit of all," said "The Honolulu Declaration -- Toward a Seamless Regional Economy," which was posted on APEC's official website. "We meet at a time of uncertainty for the global economy. Growth and job creation have weakened in many economies, and significant downside risks remain, including those arising from the financial challenges in Europe and a succession of natural disasters in our region," the document said. The declaration added these challenges have only strengthened member economies' commitment to cooperation as the way forward. "Building on the Yokohama Vision, we firmly resolve to support the strong, sustained, and balanced … [Read more...] about APEC committed to building seamless regional economy
Standard Chartered: Government’s stimulus package boosts economy
Vietnam's government fiscal stimulus is having a positive impact on the economy, especially in light of the fact that 2009 is considered a year of great challenges, the Standard Chartered Bank's analyst and head of the Southeast Asia Research Department Tai Hui said. Positive impact The impact can be seen clearly as a number of sectors in the economy are showing signs of outperforming expectations, such as construction, transportation and communications, financial intermediation, and retail and wholesale trade. "Several structural factors will drive the country's development, some of which will remain in place even at a time of weak growth in the advanced economies", Tai Hui said in a report released early this month. Furthermore, the country's trade deficit in the first six months of the year stood modestly at US$2.1 billion, much lower than the US$14.2 billion recorded in the same period last year. He said it was attributed this to the smooth operation of Vietnam's first oil … [Read more...] about Standard Chartered: Government’s stimulus package boosts economy
IMF chief warns of a ‘lost decade’ for global economy
The head of the International Monetary Fund, Christine Lagarde, has warned that the global economy is at risk of being plunged into a "lost decade". Ms Lagarde said on September 9 that the ongoing debt crisis in Europe has resulted in an uncertain outlook for the global economy. The IMF chief added that whilst efforts to solve the crisis were heading in the right direction, more needed to be done to restore confidence. "Weakness in the export sector will be the main hindrance to economic growth in the coming quarters," she said. Ms Lagarde's comments come amid fears that the debt crisis in some peripheral countries may be spreading to some of the euro area's biggest economies. On September 8, Italy's cost of borrowing hit the highest level since the euro was founded in 1999. The yield on Italian 10-year government bonds rose to 6.77 percent, raising concerns about its capacity to service its debts. Many investors believe that Italy may have to bail out just like … [Read more...] about IMF chief warns of a ‘lost decade’ for global economy
Japan stimulus to inject $60bn into flagging economy
The Japanese cabinet has approved a plan to pump more than US$60billion into the country's struggling economy. The plan - which still needs approval from parliament - aims to boost growth, jobs and spending. The Japanese economy is suffering from deflation and a strong currency; prices keep falling, but consumers hold off spending in hope of lower prices. Analysts said the key problem is that the yen is at a 15-year high, making exports more expensive. Earlier this week, the Bank of Japan set interest rates at just above zero. Japan's Nikkei newspaper said the plan could boost GDP growth by up to 0.6% and help to save jobs. An extra budget is needed from parliament to fund the stimulus plan. This is expected to be submitted to parliament for debate later this month. A previous stimulus package, announced last month, was intended to create about 200,000 jobs and shift GDP into positive territory, but was criticised as not going far enough. At the heart of Japan's … [Read more...] about Japan stimulus to inject $60bn into flagging economy