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ADB, IMF urge Asia to build new engines of growth

05-06-2011 16:30 BJT

HANOI, May 6 (Xinhua) -- Developing Asia must adapt its export- driven model and develop new engines of growth if the region is to sustain the robust economic expansion it has enjoyed in recent decades, Asian Development Bank (ADB) President Haruhiko Kuroda said Friday.

Kuroda made the statement during a seminar at ADB's 44th Annual Meeting held here Friday. The seminar, titled "Nurturing New Engines of Growth," was jointly organized by the ADB and the International Monetary Fund (IMF). "Asia's extraordinary economic gains in recent decades stemmed largely from manufacturing exports to advanced economies," IMF Deputy Managing Director Naoyuki Shinohara said, "but the global economic crisis and slow growth in most G7 economies underscore the need for Asia to develop domestic markets and stimulate intra- regional trade."

Shinohara said growth in Asia should lead to the creation of enough private sector jobs to absorb the currently unemployed and a fast-growing labor force. It needs to promote equal access to economic opportunity for citizens to realize their potential, and provide social protection for the vulnerable.

During the meeting, participants explored a range of strategies for developing Asia to recalibrate its growth strategy, including enhancing access to finance and strengthening social safety nets in order to reduce precautionary savings and boost spending, increasing investment in infrastructure, removing policy distortions that favor manufacturing and exports to countries outside the region and enacting policies to stimulate trade within Asia and the Pacific.

Editor:Yang Jie |Source: Xinhua

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