PREFACE: “Responding to New Uncertainties” was the theme of the 17th World Economic Forum on East Asia, which was held in Kuala Lumpur. As such, 300 leaders from over 25 different countries examined and discussed the challenges and priorities that will ultimately shape the region’s future agenda.

At the last World Economic Forum on East Asia, confidence in the resilience of Asia’s economies was marked by positive economic growth forecasts, expanding intra-regional trade, rising investments and staggering levels of US currency reserves. In this context, leaders from Asia expressed their readiness to enlarge their leadership role in global and regional affairs as the centre of power shifts to Asia’s capitals and corporate boardrooms.

Only one year later, the prospect of a US recession, soaring food and fuel prices, and a downturn in global demand have led to concern about Asia’s ability to decouple from the US sub-prime mortgage crisis, which is expected to lead to worldwide losses close to US$ 945 billion. At the same time, the urgency to resolve the specific consequences of climate change, renewed tensions on the Korean Peninsula and inflationary pressures are challenging the premise that Asia’s healthy domestic consumption alone can ensure continued growth and stave off the negative externalities of a global economic slowdown. Although ASEAN now has an economic blueprint and charter, Japan holds the G8 presidency and the economic influence of China and India continues to rise, the need for a common agenda in East Asia to address the key regional and global challenges is unequivocally pressing.

For these reasons, we hope you find the report of this year’s proceedings to be an insightful and timely guide to how the region’s leaders can respond to these new uncertainties in the short term, but also which collective actions and innovative approaches by governments, businesses and key regional institutions will be critical for dealing with these global and regional challenges.

The World Economic Forum would like to thank the Co-Chairs of the meeting: Peter Brabeck-Letmathe,
Chairman of the Board, Nestlé, Switzerland; Member of the Foundation Board of the World Economic
Forum; Jamshyd N. Godrej, Chairman and Managing Director, Godrej & Boyce, India; Takao Kusakari,
Chairman, Nippon Yusen Kabushiki Kaisha (NYK Line), Japan; Lord Levene, Chairman, Lloyd's, United
Kingdom; and Ralph R. Peterson, Chairman and Chief Executive Officer, CH2M HILL Companies, USA.

W. Lee Howell
Senior Director, Head of Programming
Senior Adviser, Asia
Sushant Palakurthi Rao
Director, Head of Asia

Visit World Economic Forum on East Asia Website

At the 17th World Economic Forum on East Asia, more than 300 business, government and civil society leaders from 25 countries arrived knowing that the region is facing new uncertainties. While it remains clear that the geopolitical and economic power equation is shifting its direction, rising food and fuel prices are raising the spectres of inflation and protectionism and, worst of all, the possibility that many Asians – who in recent years have scrambled out of poverty – may again be forced back down. This could lead to social and political instability in several countries in the region. ...

Download World Economic Forum on East Asia: Responding to New Uncertainties

PDF format, 4.5MB, 31Pages.

CONTENTS:
Page 3 Preface
Page 4 Summary: Responding to New Uncertainties
Page 8 Asian Leadership
Page 12 Global Risks
Page 16 Sustainable Growth
Page 20 Competitiveness
Page 24 Acknowledgements

ABOUT THE WORLD ECONOMIC FORUM:

The World Economic Forum (www.weforum.org) is an independent international organization committed to improving the state of the world by engaging leaders in partnerships to shape global, regional and industry agendas.

Incorporated as a foundation in 1971, and based in Geneva, Switzerland, the World Economic Forum is impartial and not-for-profit; it is tied to no political, partisan or national interests.

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