The global financial crisis of 2008-2009 offers a rare opportunity for many economies to undertake wide-ranging structural reforms to improve productivity and economic efficiency.
Cyn-Young Park (朴信永)
Ms. Park manages a team of economists to examine policy issues related to developing strategies and approaches to support regional cooperation and integration; and produce the Asian Economic Integration Report. She has been a main author and contributor to ADB’s major publications including, the flagship Asian Development Outlook, Asia Capital Markets Monitor, Asia Economic Monitor, Asia Bond Monitor, and ADB Country Diagnostic Study Series. Ms. Park has also participated in various global and regional forums, and has written and lectured extensively about the Asian economy and financial markets. Prior to joining ADB, she was an economist with the OECD.
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Bhutan, located in the eastern Himalayas, is a small landlocked country between the People’s Republic of China (PRC) and India. Virtually the entire country is mountainous. Despite challenging geography and limited connection to the global markets, the country managed to ignite and sustain strong economic growth by unlocking its hydro potential.
Global food prices remain high and volatile since the peak during the global food crisis of 2008, exacerbating hunger and malnutrition around the world. High and increasing food prices can be an immediate threat to household food security, undermining population health, retarding human development, and lowering labor productivity for the economy in the long term.
Developing economies in Asia and the Pacific (developing Asia) have registered remarkable growth over the past few decades. During 1980–2010, developing Asia’s real gross domestic product (GDP) grew 7.1% annually on average, compared to the world average of 2.8%.
As articulated by Cavoli, Rajan, and Siregar (2004) in their survey of East Asian financial integration, financial integration is a multidimensional process closely associated with development of financial markets.
The effects of global climate change are multifaceted. Pacific nations are highly vulnerable to the impacts, including intensified storm surges, cyclones, and rising sea levels.
The US Fed has been winding down its bond purchase program, widely known as “quantitative easing,” since December 2013. The program was introduced in the wake of the 2008 global financial crisis to fight the recession and foster a rapid economic recovery. With the improvement in the US economy, the Fed suggested at its policy meeting in March that the program may end this coming fall and it may start raising interest rates about six months from then.
The establishment of the Millennium Development Goals (MDGs) by the United Nations in 2001 was a defining moment. It rallied a global effort in the fight against poverty, hunger, and disease, while promoting universal education, gender equality, and environmental sustainability. However, new challenges have emerged while remaining ones are complex. Meanwhile, the 2015 deadline for achieving the MDGs is almost upon us, raising the question: where do we go from here?