Changing Global and Regional Economic Environment and Challenges Facing East Asia

Siow Yue Chia

Chapter 1 in Moving Toward A New Development Model For East Asia-The Role of Domestic Policy and Regional Cooperation, pp 1-26 from Economic Research Institute for ASEAN and East Asia (ERIA)

Abstract: This overview paper analyses some key global and regional challenges to East Asia’s continuing economic ascent. On the global front are the weakened growth engines of USEU- Japan, threats to the open multilateral trading system from large trade imbalances and rise of protectionism, international financial instability and volatility, natural resource and environmental constraints threatening food and energy security, climate change and environmental deterioration and un-sustainability, and the challenge of global governance. On the regional (and national) front are the growing economic, political and social constraints of demographic ageing, rising inequality and weak national governance. East Asia has the tremendous opportunity and responsibility to be a global growth engine, contribute positively to governance of global economic and financial institutions, and assuring the world that it would facilitate global growth, stability and prosperity.

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