Dissecting Opportunities and Risks in Asian Economic Challenges
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As a series of events Eminent Person Talk the Walk, FEB UGM invited Dr. Shang-Jin Wei (Chief Economist at the Asian Development Bank / ADB) and Edimon Ginting PhD. (Deputy Country Director, ADB Indonesia) as conference speakers. Title of the seminar held on Friday (27/3) was ADB Seminar Asian Development Outlook 2015: Financing Asia's Future Growth. ADB's Asian Development Outlook designed that growth in Asia would grow steady at 6.3% in 2015 and 2016. The draft was supported by efforts to strengthen the major industrial economies and soft global commodity prices today.
In response to the growth of Asia, Dr. Shang-Jin Wei said that there were several key drivers of growth in Asia. Important triggers were the reforms in the DMCs, recovery in advanced economies, reduction in commodity prices, and moderation in People's Republic of China (PRC). Meanwhile, risks assessment of Asia’s economics challenge were deeper Greek debt crisis and deepening recession in the Russian Federation, PRC or India growing at a slower than expected, and capital outflows due to impending increase in US interest rates.
Policymakers had an important role in this growth. Policymakers must ensure that households and companies have broad access to finance. Financial developments should support growth, inclusion, and stability. "Important thing to face the risk of economic challenge is the intervention must be coordinated among Asian countries", said M. Edhie Purnawan (Lecturer and Vice Dean at FEB UGM) in response to the presentation.
Source: Arlina/FEB
