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Hyderabad, May 5: Finance minister P Chidambaram has urged the Asian economies to pursue sound macroeconomic policies and continue the structural reforms to sustain growth and tackle weather potential shocks emanating from factors like natural disasters, avian flu and spiralling oil prices.
In his address as the chairman of the board of governors of the Asian Development Bank (ADB) on Friday, Mr Chidambaram said that the risks to global and regional economic expansion have not lessened. He added, “It is not inconceivable that oil prices could rise yet higher. And a widening of global payments imbalances remains a possibility, increasing the risk of sharp adjustments in exchange and interest rates.”
In view of such possibilities, he said, “the Asia’s economies will need to be watchful” and be prepared to weather adverse economic fallout.
The minister also underlined the need for increasing investment in the energy sector with particular emphasis on the use of resources. He stressed, “investment in efficient energy production and use and in renewable energy are crucial for sustainable development and to reduce the energy dependence and vulnerability to oil supply and price shocks.”
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