Hanoi (TTXVN) - The economies of Southeast Asia are well-positioned to withstand global financial market volatility caused by the US subprime crisis, ASEAN's secretary general Surin Pitsuwan said.
Despite export dependent economies and increasingly integrated financial systems, ASEAN member states have stronger macroeconomic bases than during the 1997 economic crisis, Surin Pitsuwan was quoted as saying in a statement on May 5.
Average growth across the group's 10 member states of 6.7 percent in 2007, strong domestic demand, increased foreign reserves and lower external debt have all helped put the region on a surer footing to deal with global volatility, he said.
ASEAN includes Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.-Enditem
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