ASIA MUST TRANSFORM ECONOMIES TO COUNTER GLOBAL SLUMP, FOOD THREATS
ASIA MUST TRANSFORM ECONOMIES
TO COUNTER GLOBAL SLUMP,
FOOD THREATS
JAKARTA, INDONESIA (6 February 2012)-Asia must accelerate homegrown growth in the face of global economic troubles,which means stepping up partnerships and funding to improve food security amidst risingprice volatility, participants at a seminarheld bythe Asian Development Bank (ADB), the ADB Institute, and Indonesia's Ministry of Finance heard today.
Asian economies need to promote local consumption to ensure sustained economic growth and make their voices heard as the global economy recalibrates. At the same time, they need to ensure that their entire population – not just a few – benefit from that growth,” said IwanAzis, Head of ADB's Office of Regional Economic Integration.
The seminar, which drew public officials, academics, and experts such as Jeffrey Sachs, discussed measures Asian needs to take to transformin the face of the ongoing global economic difficulties,and the role the region can play in steering the future direction of the world economy.
ADB's Chief Economist Changyong Rhee noted that the financialcrisis has increased volatility in the price of food and other commodities, which along with a squeeze on research funding, climate change and other issues,poses a serious threat to food security in ASEAN member countries.
Increases and volatility in food prices, particularly with rice, have a major impact on food security for millions of ASEAN citizens,”Mr. Rhee said. “The region must act now ? and act together ? in order to prevent the shock of food price spikes from affecting its poorest and most vulnerable people.”
The recent food crisis has clearly demonstrated that it is also imperative for policy makers to be alert to the economic challenges caused by an external factor, which will be encountered by all nations, namely climate change. There are two critical ways in which we can tackle the impact of the climate change and higher food prices; through stronger regional cooperation and by ensuring the poor and vulnerable aren't hurt more than others. We can help the poor improve their livelihoods through better infrastructure," said Indonesia's Minister of Finance, Agus Martowardojo, who delivered a keynote address.
ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. Established in 1966, it is owned by 67 members -- 48 from the region.
File Terkait:
