Links to ASEAN+3 Chiang Mai Initiatve and Currency Swaps
April 23, 2011
'ADB Annual Meeting focuses on Asia's sustainable growth'
HANOI - The 44th ADB Annual meeting will focus on how to move forward together between Asian countries to maintain a sustainable growth in the next four decades, said Ayumi Konishi, the country director of the Asian Development Bank (ADB) in Vietnam.
Konishi made the remarks in a recent exclusive interview with Xinhua here on the occasion of the upcoming 44th ADB Annual Meeting which will start on May 3 in Hanoi.
There will be wide range of issues to be discussed during this meeting, including pace of recovery from global economic crisis, inflation control, environmental degradation and climate change, and global economic rebalancing. These issues are recent concerns for all ADB members, Konoshi said.
"For a long-term issue, there will be a presentation of a draft study on Asia from now to 2050 during a governors' seminar which looks at what the region must do to secure sustainable growth over the next four decades," Konishi said.
According to the Asian Development Outlook 2011 published by ADB in early April, Asian countries which have shown resilience throughout the global recession, is now consolidating its recovery. The report forecast the region's gross domestic product growth of 7.8 percent in 2011 and 7.7 percent in 2012.
Although the figure is lower than the 8.2 percent growth in 2010, it showed the Asian region continues its firm recovery from the global economic crisis.
The economist emphasized the importance of "internal motive force" of Asian economy. The strengthening of ties with developing countries in the region has much potential, but so far these links have been mainly used for final goods exports to major industrial countries.
"If the policy-makers can remove the constraints to 'South South', meaning developing-developing trade and investment, the region can explore and foster new sources of sustainable growth," he said. (http://ssc.undp.org/uploads/media/A58.pdf)
Talking about the biggest challenge for Asian region to maintain sustainable growth, Konishi said if to pick up only one answer, the biggest challenge would be people's understanding and support.
"For example, if you talk about energy, on the one hand, if you become wealthy, you want to use more energy. But on the other hand, from the sustainability view of point, how to make sure the energy consumption more efficient is of great significance. It's a balance issue," he said.
According to Konishi, the 44th ADB Annual Meeting will start on May 3, alongside a gathering of finance ministers of the Association of Southeast Asian Nations (ASEAN), China, Japan, and South Korea, or ASEAN+3.
Chair from G20 group, representatives from the International Monetary Fund (IMF) will also join the meeting to talk about the future stability of the recent economy, such as the backdrop of slow growth in G7 economies, reform of the international monetary system and high government debt in Europe.
"There won't be any immediately special agreements during the meeting, I think this time the meeting is more about the vision how to move forward together between Asian countries," Konishi said.
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