Al Hilal advances to AFC Champions League knockout stage despite 1-1 draw with Al Sadd    Finance minister: All Vision 2030 projects have sustainable funding that won't affect public finances    Crown Prince announces medium-term debt strategy to diversify funding sources "A resilient economy capable of overcoming challenges reflects progress towards achieving Vision 2030 goals"    'No excuses' for Israel to not accept ceasefire deal, EU foreign policy chief says    Alkhorayef highlights role of National Initiative for Global Supply Chains in boosting Saudi economy    Saudi Arabia signs investment deals worth SR35bn with foreign firms to strengthen global supply chains    Saudi Arabia unveils updates on Expo 2030 Riyadh master plan at 175th BIE General Assembly Riyadh Expo Development Company established to oversee strategic planning, operations, and legacy development    Riyadh Season draws 8 million visitors in 6 weeks    Saudi FM attends Quadripartite meeting on Sudan in Italy    Gangsters block aid distribution in south Gaza    Russian deserter reveals war secrets of guarding nuclear base    Georgia's new parliament opens first session amid mass protests and boycott    Best-selling novelist Barbara Taylor Bradford dies    Cristiano Ronaldo's double powers Al Nassr to 3-1 win over Al Gharafa in AFC Champions League    Al Ahli edges Al Ain 2-1, bolsters perfect start in AFC Champions League Elite    Al-Falih: 1,238 foreign investors obtain premium residency in Saudi Arabia    Most decorated Australian Olympian McKeon retires    Adele doesn't know when she'll perform again after tearful Vegas goodbye    'Pregnant' for 15 months: Inside the 'miracle' pregnancy scam    Do cigarettes belong in a museum?    Order vs. Morality: Lessons from New York's 1977 Blackout    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Filipino pilgrim's incredible evolution from an enemy of Islam to its staunch advocate    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



APEC ministers pledge new paths to sustained growth
Published in Saudi Press Agency on 12 - 11 - 2009


Ministers from 21 economies of the Asia-Pacific
Economic Cooperation (APEC) today pledged to maintain stimulus
packages, undertake structural reform and find new pathways of growth
to secure a sustained recovery of the world economy, according to dpa.
"The global economic situation has eased considerably," the APEC
foreign and trade ministers said in a joint statement after a two-day
meeting at the annual APEC summit in Singapore.
"But the recovery remains fragile; the growth profile over the
next few quarters is likely to be uneven," they warned, adding that
"unemployment remains unacceptable high in many of our economies."
However, the ministers said they would "ensure that the recovery
does not stall and lay a foundation for growth that is inclusive,
balanced and sustainable."
"We see Asia leads the world to recovery and we see growth resumes
in the United States and around the world after the worst recession
in decades," US Treasury Secretary Timothy Geithner told a news
conference after a meeting of APEC finance ministers.
Geithner urged economies worldwide to shift away from their
dependence on US demand, saying that "Americans are saving now."
"The rest of the world has to shift to more domestic sources of
growth," he said, adding that the US would continue to be "a voice of
reform" and a strong partner for the countries in Asia-Pacific "to
confront the major economic challenges of our time."
Singapore"s Finance Minister Tharman Shanmugaratnam said that
economies had to find new pathways for sustainable growth, as the era
of US consumers being the key engine of demand was over.
"At the very least it is not going to come back any time soon," he
added.
"Structural reforms have to be at the core of efforts to
strengthen domestic demand over the medium- to long-term," said
Tharman, noting that it was crucial to look beyond the recovery.
The APEC finance ministers rejected an early withdrawal of
stimulus packages implemented to overcome the crisis, saying that
exit strategies depended on the degree of recovery in different
economies.
"The pace of implementing exit strategies should take into account
different stages in the economic recovery of member economies, the
type of policy measures to be phased out, and any spillovers caused
by our strategies," said their joint statement.
Geithner said that economies would have to take different exit
strategies, noting that "it"s not going to be identical."
"The important thing ... is a recognition that we need to make
these decisions together in recognition of the basic mixes involving
each of our countries," he said.
"And I think that"ll help improve the prospects that we come out
of this with a firmer foundation for growth," Geithner added.
The APEC finance ministers said that in the post-crisis period,
key challenges facing the world economy included successfully exiting
the extraordinary policy measures, implementing credible medium-term
fiscal consolidation strategies and meeting the massive
infrastructure needs in Asia-Pacific.
Despite the challenges of the global crisis, they said, the APEC
economies remained committed to supporting free and open trade and
investment, adding that "we are, and will actively resist
protectionist measures."
APEC consists of the 21 Pacific Rim economies and represents about
54 per cent of the global gross domestic product and 44 per cent of
world trade.
The forum consists of Australia, Brunei, Canada, Chile, China,
Indonesia, Hong Kong, Japan, Malaysia, Mexico, New Zealand, Papua New
Guinea, the Philippines, Singapore, South Korea, Taiwan, Thailand,
Peru, Russia, the US and Vietnam.
The one-week APEC summit in Singapore is set to culminate when the
heads of its member economies, including US President Barack Obama,
Chinese President Hu Jintao and Japanese Prime Minister Yukio
Hatoyama meet over the weekend.


Clic here to read the story from its source.