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Changing Global and Regional Economic Environment and Challenges Facing East Asia

In: Moving Toward A New Development Model For East Asia-The Role of Domestic Policy and Regional Cooperation

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  • Siow Yue Chia

Abstract

This overview paper analyses some key global and regional challenges to East Asia’s continuing economic ascent. On the global front are the weakened growth engines of USEU- Japan, threats to the open multilateral trading system from large trade imbalances and rise of protectionism, international financial instability and volatility, natural resource and environmental constraints threatening food and energy security, climate change and environmental deterioration and un-sustainability, and the challenge of global governance. On the regional (and national) front are the growing economic, political and social constraints of demographic ageing, rising inequality and weak national governance. East Asia has the tremendous opportunity and responsibility to be a global growth engine, contribute positively to governance of global economic and financial institutions, and assuring the world that it would facilitate global growth, stability and prosperity.

Suggested Citation

  • Siow Yue Chia, . "Changing Global and Regional Economic Environment and Challenges Facing East Asia," Chapters, in: Zhang Yunling & Fukunari Kimura & Sothea Oum (ed.), Moving Toward A New Development Model For East Asia-The Role of Domestic Policy and Regional Cooperation, chapter 1, pages 1-26, Economic Research Institute for ASEAN and East Asia (ERIA).
    • Handle: RePEc:era:chaptr:2011-rpr-10-01
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    File URL: http://www.eria.org/RPR_FY2011_No.10_Chapter_1.pdf
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    1. Ouarda Merrouche & Erlend Nier, 2010. "What Caused the Global Financial Crisis: Evidenceon the Drivers of Financial Imbalances 1999: 2007," IMF Working Papers 2010/265, International Monetary Fund.
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