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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Experts say Asia needs to rely less on exports By YURI KAGEYAMA,AP Business Writer AP - Thursday, March 19 TOKYO - A panel of Asian researchers said Thursday the global financial crisis has underlined the critical need for the region to grow less export-dependent and instead foster domestic demand. ADVERTISEMENT The representatives from the Asian Development Bank Institute, which brings together economic experts on the region, acknowledged such change will require time, perhaps as much as a decade. The panel, called Asian Policy Forum, released a policy recommendation report Thursday ahead of the Group of 20 summit next month in London, where tackling the crisis is expected to top the agenda. The vulnerability of Asia economies caused by their extreme reliance on exports has been viewed as a major problem for decades. But the U.S. financial crisis, which threatens to bring more joblessness, poverty and social instability to Asia, is making the need for change more pressing than ever, researchers said. "Exports to developed economies will be less of an engine of growth for the region," said Masahiro Kawai, dean of Asian Development Bank Institute, and one of 19 researchers from Asian think tanks who signed the report. "East Asia will need policies to facilitate a shift toward inclusive, sustainable growth driven by regional demand," he said at the Foreign Correspondents' Club of Japan in Tokyo. Among the recommendations were calls for the U.S. to clean up its financial and real estate sectors. It also proposed setting up a special fund in Asia as an alternative to the International Monetary Fund to help nations with financing problems. Chalongphob Sussangkarn, of the Thailand Development Research Institute Foundation, said Asia had looked to the U.S. as a global leader but was learning from the financial crisis that the U.S. model for development was filled with weaknesses. "Now, we are very confused about what is the best practice," he said, adding that looking to one nation for leadership may have been misguided. "We need to do it collectively. If we ask leaders to do reform, nothing will happen." Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business Oil rises to near $49 as stock rallies boost hopesAP - 1 hour 35 minutes ago Indian bond yields ranged, buyback watchedReuters - 1 hour 45 minutes ago UAE pardons 329 prisoners, cancels their debtReuters - 1 hour 52 minutes ago Indian shares turn negative after early gainsReuters - 1 hour 54 minutes ago FOREX-Dollar limps up from big plunge as Fed goes all outReuters - 1 hour 54 minutes ago Most Popular – Business Viewed AIG boss, and Obama, in firing line in Congress Actress Natasha Richardson dies after ski accident Injured actress Richardson flown to US: hospital Miniature carnivore dinosaurs roamed North America Arrest warrant issued for Lindsay Lohan View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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