The New Asian Century

With growing uncertainty in the US economy and an unfolding fiscal and debt crisis in the Eurozone after the global recession in 2008, Asia is expected to continue leading the global recovery. Under such circumstances, the 21st Century is emerging as the “New Asian Century”, much like the 20th Century was considered to be the “American Century”. That formed the basis of a recent debate among speakers from Asian countries on the occasion of the 7th Asia Economic Forum, which covered the theme, “The Asian Century in the Making: Achievement, Challenges, and Future Trends”, at Hotel le Royal in Phnom Penh on 31 July… “Asia is expected to continue leading the global recovery, but at a more moderate pace,” said Dr. Hang Chuon Naron, Secretary of State, Cambodian Ministry of Economy and Finance, at the forum…Dr. Thein Swe, Professor in Economics at Payap University in Thailand said poverty reduction should be the top priority as addressing poverty and inequality is crucial for the sustainability of Asia’s economic recovery… Although Sustaining Asia’s economic recovery is still faced with many key challenges in the 21st century, a long-term policy response is crucial for a sustainable economy in Asia…And governments need to do more to atract both foreign and domestic investment. It will be necessary for governments in the region to improve governance, transparency and accountability, according to Swe’s report. As well, it will be important to closely monitor inflation while attempting to get it under control in order to attract investors, both foreign and domestic, and entrepreneurs to further enhance sustainable growth and prosperity in Asia, the report stated.