ADB urges sustainable economic growth in Asia
MANILA - The Asian Development Bank (ADB) Thursday urged regional countries to continue long term structural reforms to insulate themselves from the financial troubles in the face of escalating European financial crisis and slow recovery in the US.
"While authorities continue to strengthen macroeconomic resilience to shocks, we also need to reinvigorate focus on the region's long-term development goals," ADB President Haruhiko Kuroda said, addressing the Governors' annual seminar.
"The ultimate challenge is to continue transforming economies in a way that promotes peoples' welfare and reduces poverty."
A report by the ADB and the Asian Development Bank Institute (ADBI) that was released at the seminar, advises countries in the region to take immediate action against global financial crisis.
The report says that the year 2012 could prove crucial for the global economy as financial tensions in Europe could escalate amid concern over slow economic recovery in the US.
The region must update its growth model to accommodate a "new normal" including prolonged restructuring in advanced economies, surmount obstacles to sustained and equitable growth and expanding ties with Latin America and Africa, the report said.
It says that the global economic crisis is a wake-up call for Asia and policymakers shall boost the region's resilience to external shocks in the
near-term and also tackle the risks posed by ongoing global rebalancing and overall structural transformation.
It also urges regional countries to take actions in preventing climate change.
"Regional governments must create a carbon market, phase out pervasive fossil-fuel subsidies, and establish an Asian free-trade zone for high-impact, low-carbon technologies and services to promote green growth in Asia," the report said.
The reports emphasizes that low-carbon growth is not just about climate-change mitigation but also makes economic sense as green-infrastructure development opens vast new businesses.
It also steers nations away from dependence on the highly volatile fossil-fuel market, the report said.
It projects that the Asia and Pacific regions will need more than $6 trillion worth of investments in new energy infrastructure by 2030.
"The low-carbon development agenda needs to expand beyond energy to cover all sectors," ADBI Dean Masahiro Kawai was quoted as saying by Business Mirror.
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