The Asian Development Bank (ADB) has said in a new report Asian nations must continue their long-term reform process in the coming year for protecting the region from continuing uncertainties in the global economy.
It said that it will be crucial year for the global economy and warned that the crisis in the Euro-zone and slow recovery in the US could spread to other nations. The report also said that the region should prepare a new growth model that to overcome obstacles to growth on the continent.
"While authorities continue to strengthen macroeconomic resilience to shocks, we also need to reinvigorate focus on the region's long-term development goals. The ultimate challenge is to continue transforming economies in a way that promotes peoples' welfare and reduces poverty," said, Haruhiko Kuroda, the President of ADB.
The report urged the policy makers in Asian countries to learn from the crisis and improve Asia's resilience to external shocks in the near-term. It also asked urged policy makers to tackle the risks arising from ongoing global rebalancing and overall structural transformation.
The report titled, "How Can Asia Respond to Global Economic Crisis and Transformation", that nations are continuing to focus on containing risks from slow trade and other factors.
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