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Inclusive, Balanced, Sustained Growth in the Asia-Pacific

Peter A Petri

Publication Year: 2010

The recovery of the Asia-Pacific region from the global economic crisis of 2008–2009 is underway but incomplete. Risks range from slow growth and persistent unemployment to re-emerging international imbalances and financial volatility. While early policy responses to the crisis were successful in avoiding a larger calamity, new policy strategies are now needed to resolve imbalances among the United States, China, and other economies, and to build robust demand in the medium term. This report, drafted by an international team of experts for the Pacific Economic Cooperation Council (PECC), provides a policy framework for completing the recovery and achieving sustained growth beyond it. The report identifies priorities for replacing stimulus programmes with structural reforms, and for launching new growth engines to drive investment and employment throughout the Asia-Pacific region. Led by Professor Peter Petri (Brandeis University/East-West Center), the team included eminent scholars from China, Japan, the United States and other countries. The report presents a regional strategy as well as separate, detailed analyses of the challenges facing China, Advanced Asia, Southeast Asia, North America, and South America. It concludes that inclusive, balanced, sustained growth in the region is feasible, but will require structural reforms that change economic relationships within economies and among them, and substantial international cooperation in implementing coherent national policies.

Published by: Institute of Southeast Asian Studies

Title Page, Copyright

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Table of Contents

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Preface

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pp. vii-viii

As the global economic crisis intensified in March 2009, the Pacific Economic Cooperation Council (PECC) organized a workshop on “Regional Responses to the Economic Crisis” hosted by the Japan Committee for Pacific Economic Cooperation in Osaka, Japan. The meeting concluded...

Taskforce on the Global Economic Crisis

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pp. ix-

Panel of Advisers

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pp. x-xi

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Executive Summary

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pp. xiii-xvi

The policies that stopped the economic freefall — massive stimulus and financial bailout packages — were urgent, relatively easy to sell politically, and to a large extent forced by circumstances (particularly the fall of Lehman Brothers). Sustained recovery now requires tackling...

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1. A Regional Framework for Inclusive, Balanced, Sustained Growth

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pp. 1-48

The Asia-Pacific region is at the forefront of the recovery from the global economic crisis of 2008–09. But despite the region’s strong economic fundamentals, major challenges lie ahead in exiting interventions adopted in the crisis and building solid foundations for future growth. There is still...

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2. China: Achieving Sustained Growth

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pp. 49-62

Aggressive fiscal and monetary policies helped to reverse the slide of the Chinese economy quickly, and growth rate in 2009 eventually exceeded the government’s original target of 8 per cent. The year-on-year growth rate of GDP rose to 7.9 per cent in the second quarter of 2009 from 6.1 per...

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3. Advanced Asia: Achieving Sustained Growth

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pp. 63-77

Although individual circumstances differed, the Advanced Asian economies of the Asia-Pacific region were all hit hard by the global financial crisis when it spread to the real sector and caused the volume of world trade to collapse in the latter part of 2008. These economies immediately...

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4. Southeast Asia: Achieving Sustained Growth

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pp. 78-95

Southeast Asia was not heavily invested in high-risk “toxic” assets, but it is dependent on external demand for economic growth especially since the Asian crisis of 1997–98. The crisis also affected balance sheets and created a general liquidity shortage, especially with respect to trade finance...

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5. North America: Achieving Sustained Growth

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pp. 96-108

The North American economy depends heavily on what happens in the United States. Canada and Mexico were negatively impacted by the decline in U.S. imports and rising unemployment but both countries had sound macroeconomic fundamentals. No Canadian financial firm...

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6. South America: Achieving Sustained Growth

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pp. 109-125

South American countries have a long, infamous tradition of suffering economic crisis. Nevertheless, the current global crisis is radically different from previous episodes in its genesis, its impacts and its most likely evolution. This paper studies the effect of the crisis in four South America...

Index

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pp. 127-133


E-ISBN-13: 9789814279772
Print-ISBN-13: 9789812309662

Page Count: 133
Publication Year: 2010

Edition: 1

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Subject Headings

  • Asia -- Economic conditions.
  • Asia -- Economic policy.
  • Pacific Area -- Economic conditions.
  • Pacific Area -- Economic policy.
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