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    New development paradigm for Asia and the Pacific


    International Trade Forum - Issue 1/2009

    Leaders from Asia and the Pacific came together in Bali, Indonesia from 4-5 May for the 42nd Annual Meeting of the Asian Development Bank (ADB). Discussions surrounded issues of economic diversification, environmental sustainability, private sector participation in infrastructure and regional integration, as well as the economic crisis and the longer-term development challenges.

    With the Asia and Pacific region hit hard by the recent crisis, the region must rebalance growth, ADB President Haruhiko Kuroda told the Meeting. He stressed the importance of continuing to support growth and poverty reduction efforts. The region's aggregate growth is expected to fall to 3.4% this year, from record growth of 9.5% in 2007. In order to sustain growth over the long term, Asia will need to place more emphasis on domestic demand and consumption.

    'While the challenges are huge, I believe the crisis is also an opportunity. An opportunity for our region - and the world - to fundamentally restructure our approach to development and bring about a more sustainable global balance. An opportunity for Asia to become not only a major source of goods and services, but also a major destination.'

    For more information visit www.adb.org