Chalongphob at the World Economic Forum (25-06-07)

World Economic Forum on East Asia 2007

The Leadership Imperative for an Asian Century
Singapore, 24-25 June 2007
[Link to website]

The World Economic Forum on East Asia is underway at Singapore this week. Of special reading interest are the interviews in Issues in Depth and Briefing Material that provides a summary of key topics: Asian leadership, risk management, sustainable growth, and competitiveness. Thailand's Finance Minister Chalongphob Sussangkarn participated in the panel Global Risks: Managing Threats to Asia’s Prosperity :

"...One of the most pressing [issues] is that of global financing, according to Tharman Shanmugaratnam, Minister for Education and Second Minister for Finance of Singapore. There is a big build-up in global finances and risks which is fuelling fears of a big shock to come. Although everything seems fine now, there are bubbles everywhere – in commodities and even in property markets, he said. It is no longer a matter of the US spending less, but of “vicious unknowns,” and it will be difficult to see how they will play out in the market because the linkages now are more complex than before. Emerging markets must have shock absorbers, requiring astute management and a combination of policies to overcome it. Like the earlier Asian financial crisis, it is all unpredictable.

"Agreeing, Chalongphob Sussangkarn, Minister of Finance of Thailand, said something must be done now to prepare for the ‘unwinding’ tail of the current global situation. He, and the other panellists, agreed that both government and corporate sectors must work together to develop the right policies and new leadership to tackle the new challenges.