Policy environment facing challenges in Asia-Pacific region: ESCAP

21:54, June 24, 2010      

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Chief economist of the United Nations Economic and Social Commission for Asia and the Pacific ( ESCAP) said Thursday the policy environment in the region is becoming increasingly challenging in both short and long term.

According to the release from ESCAP on Thursday, the chief economist Nagesh Kumar said that the region is facing challenging in policy environment, despite the robust performance of the region this year.

In the short-term, the main challenge is when to exit from expansionary in order to avoid disrupting the recovery while fighting inflationary pressures, appreciating currencies and incipient asset bubbles.

In the medium-term, the challenge is to adjust the global macroeconomic imbalances, which will require countries in the region to create and rely more on domestic sources of aggregate demand as well as on enhancing trade with other countries within the region.

The high-level workshop was organized by ESCAP in partnership with the Ministry of Economy and Finance of Cambodia concluded Thursday in Phnom Penh, focusing on "Strengthening the response to the global financial crisis in Asia-Pacific: the role of macroeconomic policies".

During three days of deliberations, experts and high-level officials from Cambodia, India, Republic of Korea, Thailand and Vietnam, as well as representatives from Asia Development Bank, The World Bank and the International Monetary Fund, examined key challenges facing Cambodia and other countries in the region as they recover from the global financial crisis.

Source: Xinhua


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