ASEAN expected to continue growth momentum

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Last updated at: (Beijing Time) Wednesday, April 07, 2004

ASEAN expected to continue growth momentum

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Ten finance ministers from the Association of Southeast Asian Nations (ASEAN) concluded their one-day meeting in Singapore on Wednesday, expecting that ASEAN will continue its stronger economic growth momentum this year.

Speaking in a joint statement, the ASEAN finance ministers saidthat the prospects for growth in their economies are stronger this year, and they expect the region to continue its growth momentum this year with a projected gross domestic product (GDP) of 5.5 to 5.9 percent.

"Growth is expected to be broad based, with both domestic and external demand providing the impetus for expansion," they said.

However, they recognized that downside risks exist because the current account and fiscal imbalances in some of the major industrial countries may cause misalignments and volatility in the

financial markets.

The ministers stressed the need for a gradual adjustment to these imbalances in order to avoid putting undue stress on the global and regional economic prospects.

They said that the ASEAN countries have adopted demand strengthening policies which will play a positive role in the global adjustment process.

They agreed to establish a task force to explore ways to forge alliances and linkages within the ASEAN securities market, and also agreed to organize promotional efforts to profile ASEAN better.

The ministers voiced their satisfaction with the overall progress achieved towards regional integration, and commit to further strengthen their cooperation to expedite the implementation of significant initiatives such as the Roadmaps andthe Asian Bond Markets Initiative.

They also stressed the importance of continuous efforts to further develop and strengthen their financial markets and to achieve the objects of their regional cooperation towards financial stability and integration.

During the one-day meeting, the first of its kind in Singapore,the ministers discussed recent global economic developments, performance of ASEAN economies last year and outlook for this year.

The first ASEAN finance ministers meeting was held in Thailand in 1997 and the next one will take place in Laos next year.

Source: Xinhua

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