World Economy

Asia Economies Searching for New Growth

Asia Economies Searching for New GrowthAsia Economies Searching for New Growth

Major Asian economies are searching for new models to sustain growth over the long term, but geopolitical uncertainties and the rise of technology are challenges that need to be tackled, said former Deputy Prime Minister and current MP Wong Kan Seng on Saturday.

Wong said how well these challenges are tackled will determine whether the region will continue to prosper, or stagnate. He was speaking at the inaugural Singapore Forum held here, Channel NewsAsia reported.

Two factors have contributed to Asia’s steady growth over the past few decades: Strong economic growth and relationship stability within the region and between major powers with interests here, he noted.

However, the global economic outlook for this year is uncertain, and Asia can no longer count on demand from developed economies to support growth, Wong said.

Additionally, the pace of growth is uneven across countries, and major powers are seeking a new equilibrium among themselves and with other countries in the region.

These countries should build constructive relationships and forge predictable, cooperative patterns of behavior within ASEAN in order to unlock the “immense promise” the region holds, he said. “I sincerely hope that all Singaporeans will build on the foundations laid by our pioneers, and continue to make Singapore a unique, extraordinary country for the next generation.

“This means upholding the values of meritocracy, multi-racialism and non-corruptibility – core values that Singapore’s founding Prime Minister Lee Kuan Yew strongly believed in, and which have now become our national ethos. Let us continue to do this, and stay cohesive as one people,” he concluded.