Wednesday, August 12, 2009

Asia Needs To Stimulate Domestic Demand

ASIAN countries need to stimulate domestic demand, given the current economic climate in global markets, said Haas Business School professor Dr Laura D’Andrea Tyson.

“Asian countries need to find ‘a little more growth’ from domestic demand,” Tyson, who is also the economic adviser to US President Barack Obama, told a press conference.

In this regard, Asian countries should, among other measures, strive to create new opportunities for small and medium enterprises and ramp up spending on programmes that are domestic demand-driven, like healthcare.

This would also generate jobs in the local economies, she said.

Tyson urged Asian nations to push for policies like healthcare and education which would help household sectors spend more.

“I was very impressed with what China has done on the stimulus side and it is becoming a more significant source of growth in the region.

“I would emphasise the need for policies like education, healthcare and social security which would help the household sector spend more because they have more safety-led provisions which allow them to save a little less,” she said.

In coping with the current economic slowdown, Tyson said “the correct thing to do” for growth all over (the world) was to “run economic stimulus packages and deficits.”

“You want the world to benefit from each nation trying to stimulate growth,” she noted.

As for the recovery of the US economy, Tyson said the US$787bil rescue package launched in February was “on track”.

She cautioned that the recovery in the United States would be “vulnerable” once the government’s economic measures “took a step back”.

“The second half of this year will be much stronger due to the effects of the stimulus package and the rebuilding of inventory,” Tyson said. “However, once these are done with, where will the continuing momentum come from? Our forecast ability is limited.”

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