Changing landscapes

Wednesday, 5 October 2011 01:21 - - {{hitsCtrl.values.hits}}

Asian Bankers’ Association Chairman Rajendra Theagarajah in his speech noted that the global economic landscape had been greatly altered by the financial turmoil and uncertainties in the past years.

“While governments of developed nations in the West drove the global economy in the past, we are seeing a fundamental shift in the 21st century.”

He stated that modest signs of economic slowdown in the USA, cautiousness to the fiscal sustainability in the countries in the Eurozone, recent political turmoil in Africa and Middle East, increase in national disasters and global warming were leading to greater responsibilities for Asia and emerging markets in the global economy.

For Asian banks, the continuing changes in the economic and financial environment pose new challenges and opportunities. “What should we do to help our businesses survive and prosper in the current market environment, what actions should we take to bring back regions economic growth to a far more sustainable pace, what practical solutions must be adopted to provide continuous support to businesses in the region, what steps must be taken by the private sector and Government to facilitate such sustainable growth of the banking industry in the region?” he questioned. These are questions that remain unanswered in this context.

“These are some of the critical questions we would like to address during the conference, in which the key objectives are to explore and understand what the responsibilities are and how Asia must play a leading role in the future,” he added.