Asia's Recovery and Macroeconomic Policy Challenges

Release meeting for the Asian Development Outlook 2010 report

Jong-Wha Lee, Asian Development Bank

Peterson Institute for International Economics, Washington, DC

April 19, 2010

Jong-Wha Lee, chief economist of the Asian Development Bank (ADB), presented the Asian Development Outlook 2010 report and discussed macroeconomic policy challenges in Asia in the post-crisis period at an Institute event held April 19, 2010. Lee noted that although Asia has weathered the economic crisis of 2008–09 well, it now faces the challenge of shifting sources of economic growth away from temporary monetary and fiscal policy support toward robust private demand in order to generate sustained recovery. Authorities will need to adjust their monetary, fiscal, and exchange rate policies to prepare their economies for the changing environment in the post-crisis period. He also underlined the importance of coordinated policies between countries.

Post-crisis macroeconomic policy challenges form the theme of this year's edition of the ADB's flagship publication, the Asian Development Outlook 2010, which was released at the meeting. The report explores how authorities in developing Asia can effectively manage their macroeconomic policies for sustained growth in the aftermath of the global financial crisis and economic downturn, addressing issues such as monetary policy, exchange rates, fiscal sustainability, and the use of macroeconomic policy tools to help rebalance the region's growth. Dr. Lee and the Asian Development Bank are involved in formulating policy recommendations on these topics in preparation for the upcoming November G-20 summit in Seoul.

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