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Based on work by the PECC Taskforce on economic crisis and recovery, the Report provides a policy framework for completing the recovery and achieving sustained growth beyond it. The international team of experts identifies priorities for replacing stimulus programs with structural reforms, and for launching new growth engines to drive investment and employment throughout the Asia Pacific region.
The recovery of the Asia Pacific region from the global economic crisis of 2008-2009 is underway but incomplete. Risks range from slow growth and persistent unemployment to re-emerging international imbalances and financial volatility. While early policy responses to the crisis were successful in avoiding a larger calamity, new policy strategies are now needed to resolve imbalances among the United States, China, and other economies, and to build robus demand in the medium term.
Led by Professor Peter Petri (Brandeis University/ East-West Center), the team included eminent scholars from China, Japan, the United States and other countries. The Report presents a regional strategy as well as separate, detailed analyses of the challenges facing different sub-regional groups. It concludes that inclusive, balanced, sustained growth in the region is feasible, but will require structural reforms that change economic relationships within economies and among them, and substantial international cooperation in implementing coherent national policies.
Edited by Peter A. Petri
Published by PECC and ISEAS (May 2010)
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