High-level panel on “Sustaining the Recovery and Dynamism in Asia-Pacific for inclusive Development”
The High-level Panel on the Economic Crisis focused on the policy challenges the region faced as it leads the world economy in recovery from the global financial crisis. The Executive Secretary of ESCAP, Ms Noeleen Heyzer, provided introductory remarks, highlighting the key areas of concern for economies in the short and medium terms, and served as moderator of the panel. The panelists were: H.E. Mr Nickel Lee Hong, Finance Minister, Samoa; H.E. Ms Shahnaz Wazir Ali, Adviser to the Prime Minister, Pakistan; Mr Cheick Sidi Diarra, the Under-Secretary-General and High Representative for the Least Developed Countries, Landlocked Developing Countries and Small Island Developing States; and Mr C. Lawrence Greenwood, Vice-President of the Asian Development Bank.
During the discussions, the Executive Secretary highlighted the need for major policy reforms in the region to sustain the recovery in the medium-term by spurring new engines of growth which could supplement the constrained import demand of developed countries. H.E. Mr Nickel Lee Hong was of the view that a sustained recovery of the current rebound in economic growth being experienced in the Asia-Pacific region would require a rebalancing of relations to a fairer and more equitable process of development. H.E. Ms Shahnaz Wazir Ali explained that the South Asian subregion had demonstrated success and breakthroughs with policy approaches in recent years founded on an integrated human development paradigm, placing social capital as the fundamental driver of economic transformation. Mr Cheick Sidi Diarra underlined that, although the region as a whole had recovered well from the crisis, the picture was very different for land-locked developing countries, least developed countries and small island developing states for whom the crisis still persists. Mr. C. Lawrence Greenwood outlined that while the region had demonstrated its resilience during the crisis and the subsequent ongoing recovery, sustainable growth in the region will require rebalancing through a comprehensive set of strategies.