Asean needs to step up its financial act

While much stronger now compared to when the Asian financial crisis struck, the grouping needs to strengthen its safety net against another crisis

The 10 member-economies of Asean have made big strides in achieving financial stability since the Asian financial crisis 20 years ago. A series of economic and banking and financial sector reforms carried out in the aftermath of that crisis helped enhance the economic and financial resilience of the regional grouping.

The region came through the 2008 global financial crisis and the "taper tantrum" of 2013 relatively unscathed. Today, Asean is seen as one of the most dynamic regions in the world. The International Monetary Fund (IMF) expects the group to grow by more than 5 per cent a year on average, over the next two years, far higher than the roughly 3.5 per cent predicted for the global economy.

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A version of this article appeared in the print edition of The Straits Times on March 01, 2019, with the headline 'Asean needs to step up its financial act'. Print Edition | Subscribe