In particular, South Korea, Indonesia, and Thailand were forced to abandon the de facto U.S. dollar peg policy because of massive speculative attacks during the East Asian economic crisis, providing them with an opportunity to review their monetary policy frameworks.
In the wake of the 1997- 98 East Asian economic crisis, many countries in the region came to view the involvement of the United States as a risk, and they worked at building an East Asian community as a framework for regional cooperation without US participation.
With regard to East Asian economies, one member said that overheating of investment and a rise in asset prices in China could destabilize the world economy, although it was an encouraging development that China, whose economic growth remained high, was becoming a more important presence in the world economy..
Following the East Asian economic crisis of 1997-1998, many central banks in the region shifted away from the rigid dollar peg system and at the same time, their monetary policy frameworks also changed.
Some members commented on East Asian economies that the effects of SARS had not yet been confirmed by data. However, attention should be paid to the effects of SARS, at least for the time being, as a downside risk factor mainly for consumption and production.
China unswervingly promotes economic globalization, safeguards free trade, is willing to promote multilateral trade negotiations with relevant parties, concludes regional comprehensive economic partnership agreement negotiations at an early date, and accelerates the construction of the Asia-Pacific Free Trade Area and the East Asian Economic Community.
Nishihara, who had endeavored to rescue and develop the economy of East Asia, thought that Japan should boost the vitality of its farming villages from an international economic perspective, and argued that product prices should be reduced to help Japanese industries to acquire international competitiveness.
Thus, careful attention should be paid to the possibility that supply/demand conditions for IT-related goods might ease as related investments increase in a number of countries, and especially to the effect on East Asian economies that depend on the production of IT-related goods to a significant degree.
Japan's real GDP growth rate for the July-September quarter of 2007 released on November 13 was 2.6 percent on an annualized quarter-on-quarter basis, reflecting the large contribution of external demand owing to the strong growth of East Asian economies. This suggests that domestic demand overall has been firm despite somewhat weak demand from the household sector.
The center is hoping to establish committees and study groups with the aim of coordinating between related enterprises and constructing a financial support mechanism, as well as an"Asia Eco-City Framework." The center also plans to promote business networking by utilizing the Environmental Working Group of the Organization for the East Asia Economic Development(OEAED) composed of 10 selected cities from Japan, China and South Korea.
As for economies in the euro area and East Asia, various economic indicators generally confirmed that they had bottomed out or were tending to recover.
年も同程度の成長であるが、米国経済は回復し、東アジア経済の多くが純輸出の低調により緩やかに減速。
Growth in 2008 will remain at roughly the same level, but with the US economy in recovery and many East Asian economies experiencing a modest slowdown due to lower net export growth.
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