Zeinab Yusuf, Business Times 31 Mar 09;
THE current economic crisis, a problem that is on most governments' agenda, is not the only crisis that should be addressed.
Two other long-term crises - food-fuel price volatility and climate change - are converging with the present economic crisis to create a triple threat that demands urgent attention, according to Noeleen Heyzer, undersecretary-general and executive secretary of the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP).
Speaking at the launch of UNESCAP's flagship publication, Economic and Social Survey of Asia and the Pacific 2009, Dr Heyzer emphasised the need for the region to reorient economic growth towards a long-term development path that is more inclusive and sustainable.
While huge pressures exist to address short-term financial threats, the report's findings suggest that a balanced approach to addressing all three crises will better serve the global community - and the region - in the long run.
Referring to the fiscal stimulus packages announced by most countries in South-east Asia, the report highlights the importance of these packages as an opportunity to fight the recession and not only reinvigorate the economy in the short term but address long-term issues by investing in food and energy security, social safety nets, disaster risk reduction and green technology.
However, moving towards such a paradigm requires a concerted effort, and the report emphasises the need for regional coordination to implement fiscal measures and agree on substantive policies that will benefit the region.
Additionally, the survey emphasised the need for more intra-regional trade and investment by accelerating implementation of regional economic cooperation agreements as Asia Pacific is more economically integrated with the rest of the world than within itself. 'By strengthening our domestic markets, the region can provide a buffer to global market fluctuations and move from being crisis-resilient to crisis-resistant,' explained Dr Heyzer.
