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Pavel A. MINAKIR. Macro Economic Challenges in East Asia 22 nd CACCI Conference October 23, 2008 Manila, Philipines. East Asia: GDP Growth Rates, %. Conditions of Economic Growth in East Asia. Controlled rate of inflation on capital and labor markets
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Pavel A. MINAKIR Macro Economic Challenges in East Asia 22nd CACCI Conference October 23, 2008 Manila, Philipines
Conditions of Economic Growth in East Asia Controlled rate of inflation on capital and labor markets Stable growth of demand on domestic and export markets Sustaining the level of price and technological competitiveness Stable access to raw material resources for PRC
Risks in Terms of the World Financial Crisis Capital outflow and shrinking stock indices Falling demand for export products in the global market Inflation in consumer countries and increasing production costs in exporting industries due to inflating markets of raw materials and food Decoupling of the world economy as a reaction to the global crisis Redistribution of financial risks, increased risks for emerging markets “Contagion effect” considerably greater compared to the crisis of 1991 and 1997
Opportunities in Terms of the World Financial Crisis Growing capacity of domestic markets Sufficient scale of financial capacities and financial reserves of the banking systems of EA countries Improved economic integration potential within EA Diversification of raw material sources
Variants of the East Asian Countries’ Economic Behavior • Pursuing a separate monetary policy, as a result - conflicts inside the region • Concerted policy for preventing the system collapse • Activating bilateral consultations and decisions on crisis prevention • Changing and supplementing integration formats in East Asia
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