JAKARTA (Thomson Financial) - The economies of Southeast Asia are
well-positioned to withstand global financial market volatility caused by the
U.S. subprime crisis, ASEAN's secretary general said Monday.
Despite export-dependent economies and increasingly integrated financial
systems, ASEAN member states have stronger macroeconomic fundamentals than
during the 1997 economic crisis, Surin Pitsuwan said in a statement.
Average growth across ASEAN's 10 member states of 6.7 percent in 2007,
strong domestic demand, increased foreign reserves and lower external debt all
helped put the region on a surer footing, he said.
"By many measures, the region is now in a better position (than in 1997) to
weather the current global volatility," Surin said.
"ASEAN should remain focused on achieving macroeconomic and financial
stability, including the need to advance key development goals and achieve
deeper trade and financial integration under the ASEAN Economic Community,"
Surin added.
Many economies in the Association of Southeast Asian Nations (ASEAN) are
still feeling the effects of the 1997 crisis, which saw millions thrown out of
work and plunged into poverty.
ASEAN's members are Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar,
the Philippines, Singapore, Thailand and Vietnam.
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