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JAKARTA, INDONESIA - THE economies of Southeast Asia are well-positioned to withstand global financial market volatility caused by the US subprime crisis, Asean's secretary general said Monday.
Despite export-dependent economies and increasingly integrated financial systems, Asean member states have stronger macroeconomic fundamentals than during the 1997 economic crisis, Surin Pitsuwan said in a statement.
Average growth across Asean's 10 member states of 6.7 per cent in 2007, strong domestic demand, increased foreign reserves and lower external debt all helped put the region on a surer footing, he said.
'By many measures, the region is now in a better position (than in 1997) to weather the current global volatility,' Mr Surin said.
'Asean should remain focused on achieving macroeconomic and financial stability, including the need to advance key development goals and achieve deeper trade and financial integration under the Asean Economic Community,' Mr Surin added.
Many economies in the Association of Southeast Asian Nations (Asean) are still feeling the effects of the 1997 crisis, which saw millions thrown out of work and plunged into poverty.
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