MANILA, PHILIPPINES - Top finance officials from Asia will gather at the Asian Development Bank in Manila on 2 July for an international symposium "Asia is Moving Forward: Ten Years After the Crisis."
The day marks the tenth anniversary of the beginning of the Asian financial crisis. On 2 July 1997, Thailand floated its currency to stem the outflow of capital. The contagion spread to neighboring Malaysia, Indonesia, the Philippines and South Korea.
A decade after the crisis, Asia has once again emerged as the fastest growing region in the world. Policymakers in the affected economies turned the crisis into an opportunity to usher in bold economic reforms and revived the region's economic dynamism. Many had predicted that the region would take generations to recover.
"Asia has undertaken substantial financial reforms in the past ten years. But we need to remain vigilant against future global shocks. Asian economies need to work together to prevent future crises with a vision of a more integrated and more prosperous region," said Jong-Wha Lee, Head of ADB's Office of Regional Economic Integration.
The symposium on 2 July will focus on Asia's transformation in the past ten years, look at the path ahead and how emerging regionalism will shape the economic architecture of the region.
The symposium will cover issues related to exchange rate trends, management of international reserves, and visions for monetary and financial integration in Asia.
Distinguished speakers, including current and former leading economic figures in the five most-affected countries, will discuss the future of Asia and the perspectives of deepening regional cooperation and integration.
The panel consists of Thailand's Finance Minister Chalongphob Sussangkarn, Zeti Akhtar Aziz, Bank Negara Malaysia Governor, Duck-Koo Chung, Former Minister of Commerce, Industry, and Energy, Republic of Korea, Dorodjatun Kuntjoro Jakti, Former Coordinating Minister for Economics, Indonesia, and Roberto de Ocampo, Former Secretary of Finance, Philippines.
As the region's key development partner, ADB hopes the symposium will provide an opportunity to take stock of the achievements and analyze the new dimensions of regional cooperation and integration, including its impact on policy choices.