MONDAY, MAY 4, 1992
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ADB HAS AN IMPORTANT TASK AHEAD: FS
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IN
THE FINANCIAL SECRETARY, MR HAMISH MACLEOD, SAID TODAY (MONDAY) THAT THE ASIAN DEVELOPMENT BANK (ADB) HAS AN IMPORTANT TASK AHEAD FURTHERING ITS ROLE AS AN ENGINE OF ECONOMIC PROGRESS AND EQUITABLE GROWTH.
OF
SPEAKING AT THE OPENING SESSION OF THE 25TH ANNUAL MEETING THE ADB'S BOARD OF GOVERNORS, MR MACLEOD, IN HIS CAPACITY AS THE CHAIRMAN OF THE BOARD OF GOVERNORS, SAID THE RAPID POLITICAL AND ECONOMIC CHANGES ON THE GLOBAL AND REGIONAL FRONTS PRESENT BOTH CHALLENGES AND OPPORTUNITIES.
"TOGETHER, THEY COULD AFFECT THE BANK'S SCOPE OF OPERATIONS AND ITS RESOURCES AVAILABLE TO PROMOTE DEVELOPMENT IN THIS REGION, MR MACLEOD SAID.
ALSO
"ON THE POLITICAL SIDE, THE BIRTH OF THE COMMONWEALTH OF INDEPENDENT STATES, THE TRANSFORMATION OF CENTRALLY PLANNED ECONOMIES IN EASTERN EUROPE, AND THE REFORMS TAKING PLACE IN THE COUNTRIES OF INDO-CHINA ARE MILESTONES THAT WILL INFLUENCE THE BANK'S OPERATIONS IN THE 1990S," HE SAID.
ON THE ECONOMIC FRONT, MR MACLEOD SAID CHANGES ARE OCCURRING IN THE COMPOSITION AND DIRECTION OF INTERNATIONAL TRADE: REGIONAL TRADING BLOCS ARE BEING FORMED, AND TRADE LIBERALISATION NEGOTIATIONS UNDER THE URUGUAY ROUND REMAIN UNCERTAIN.
"THE BANK
THESE CHALLENGES,
MUST BE PREPARED TO OPERATE STRATEGICALLY ΤΟ MEET HE SAID.
OF THE
"AGAINST THIS BACKGROUND, I WELCOME THE ESTABLISHMENT STRATEGIC PLANNING UNIT BY THE BANK LAST JULY то TACKLE FORWARD PLANNING IN THIS VERY CRITICAL PERIOD,' MR MACLEOD ADDED.
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TURNING TO THE REGIONAL FRONT, MR MACLEOD SAID THE ECONOMIC PERFORMANCE OF THE ASIA-PACIFIC REGION DURING THE
IMPRESSIVE PAST TWO ECONOMIES
DECADES, AND ESPECIALLY THE ASIAN NEWLY INDUSTRIALISING (NIES), HAS WRITTEN A NEW PAGE IN THE HISTORY OF WORLD ECONOMIC DEVELOPMENT.
"THE REGION HAS NOT ONLY SCORED WELL ON INCOME GROWTH, BUT HAS ALSO UNDERGONE RAPID ECONOMIC STRUCTURAL CHANGES. CONTINUOUS EFFORTS HAVE ALSO BEEN MADE TOWARDS REDUCING POVERTY," HE SAID.
BETWEEN 1981 AND 1990, THE REGION AS A WHOLE MAINTAINED AN AVERAGE ANNUAL REAL GROSS DOMESTIC PRODUCT GROWTH RATE OF 7 PER CENT, SIGNIFICANTLY OUTPACING THE AVERAGE GROWTH RATE OF 3 PER CENT FOR ALL INDUSTRIALISED COUNTRIES.
RAPID
INDUSTRIALISATION AND
ECONOMIC
LIBERALISATION, PARTICULARLY IN RESPECT OF FOREIGN DIRECT INVESTMENT, HAVE UNDERPINNED THIS STRONG PERFORMANCE.
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