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i INCLUSIVE, BALANCED, SUSTAINED GROWTH IN THE ASIA PACIFIC ii The Pacific Economic Cooperation Council (PECC) is one of the AsiaPacific ’s most influential organizations. Since its foundation in 1980 it has been a policy innovator in trade, finance, information technology and capacity-building, among others. PECC brings together leading thinkers and decision-makers from government and business in an informal setting to discuss and formulate ideas on the most significant issues facing the Asia-Pacific. PECC is the only non-government official observer in APEC. For more details visit http://www.pecc.org. The Institute of Southeast Asian Studies (ISEAS) was established as an autonomous organization in 1968. It is a regional centre dedicated to the study of socio-political, security and economic trends and developments in Southeast Asia and its wider geostrategic and economic environment. The Institute’s research programmes are the Regional Economic Studies (RES, includingASEAN andAPEC), Regional Strategic and Political Studies (RSPS), and Regional Social and Cultural Studies (RSCS). ISEAS Publishing, an established academic press, has issued more than 2,000 books and journals. It is the largest scholarly publisher of research about Southeast Asia from within the region. ISEAS Publishing works with many other academic and trade publishers and distributors to disseminate important research and analyses from and about Southeast Asia to the rest of the world. [3.95.2.54] Project MUSE (2024-03-29 07:25 GMT) iii PACIFIC ECONOMIC COOPERATION COUNCIL TASKFORCE ON THE GLOBAL ECONOMIC CRISIS INSTITUTE OF SOUTHEAST ASIAN STUDIES SINGAPORE EDITED BY PETER A. PETRI INCLUSIVE, BALANCED, SUSTAINED GROWTH IN THE ASIA PACIFIC iv First published in Singapore in 2010 by ISEAS Publishing Institute of Southeast Asian Studies 30 Heng Mui Keng Terrace Pasir Panjang Singapore 119614 E-mail: publish@iseas.edu.sg Website: http:/ /bookshop.iseas.edu.sg All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the Institute of Southeast Asian Studies.© 2010 Pacific Economic Cooperation Council The responsibility for facts and opinions in this publication rests exclusively with the authors and their interpretations do not necessarily reflect the views or the policy of PECC, ISEAS or their supporters. ISEAS Library Cataloguing-in-Publication Data Inclusive, balanced, sustained growth in the Asia-Pacific / edited by Peter A. Petri. 1. Asia—Economic conditions. 2. Asia—Economic policy. 3. Pacific Area—Economic conditions. 4. Pacific Area—Economic policy. I. Petri, Peter A., 1946– II. Pacific Economic Cooperation Council. Task Force on the Global Economic Crisis. HC412 I36 2010 ISBN 978-981-230-966-2 (soft cover) ISBN 978-981-4279-77-2 (E-Book PDF) Typeset by Superskill Graphics Pte Ltd Printed in Singapore by Photoplates Pte Ltd ...