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Worst of Economic crisis over, say WEF

Posted on: June 19, 2009

Bernama – Friday, June 19

KUALA LUMPUR, June 18 (Bernama) — The worst of the economic crisis may be over for Asia and the rest of the world but many risks remain, said leaders at the 18th World Economic Forum (WEF) on East Asia, which opened in Seoul today.

In a statement here today, the WEF said the leaders urged governments to formulate an exit strategy to mop up excess liquidity from stimulus programmes and avoid trade protectionism, strike a correct balance between regulation and flexibility and use the crisis to move strongly on regional integration.

Singapore’s Minister in the Office of the Prime Minister, Lim Hwee Hua, said there were growing consensus that the worst was over and even signs of bottoming out, and even hints at recovery in some economies.

She said, however, as governments moved out of the woods, they needed to be mindful of how recovery was taking place.

Khazanah Nasional Malaysia Bhd’s managing director, Tan Sri Azman Mokhtar, however, counselled caution because the economic recovery in Asia was mixed.

“The measures that have been instituted, which are basically to reflate, have indeed reflate, but these can also potentially turn into poison in the long run unless we know how to handle the situation,” he said. — BERNAMA



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