The World needs a new paradigm, a balanced economic growth

"Let us seize the opportunity in the current crisis to correct imbalances by working together towards more balanced global and regional economic development," he said in his speech titled "Achieving Balanced Growth. What We Must Do."

Indonesian President Susilo Bambang Yudhoyono said the world needed a new paradigm, namely balanced economic growth.

He made the statement here on Friday before around 500 business leaders at a CEO Summit held ahead of the Asia Pacific Economic Cooperation (APEC) summit.

He said it was important to maintain the Asian trade and investment open as well as between Asia and other parts of the world to overcome global imbalances.

"I am convinced businessmen who are represented here in this room would agree," he said.

The Indonesian head of state said to overcome imbalances in economic development surplus countries had to invest their resources in the most productive investment areas such as infrastructure, education and health to spread productivity.

"Countries suffering a deficit meanwhile have to save more and adopt structural changesn in an effort to reset the mode of unsustainable economic growth," he said.

President Yudhoyono also said the international community also needed to pay attention to countries calling for protection.

"We must face the fact that some countries are facing high unemployment," he said.
President Yudhoyono said the founders of the Asia Pacific Economic Cooperation (APEC) forum had been a step ahead in the area.

"Indonesia has always considered that APEC vision is not only an open region for liberalization and facilitation but also capacity development," he said.

President Yudhoyono said trade among APEC members was 40 percent of the total value of the world trade and following the implementation of free trade and investment the total value of the gross domestic product of its members had risen from 47 percent to 56 percent of the world`s GDP in the past 20 years.

"Furthermore, the value of 67 percent of trade among APEC members is even far bigger than that of the European Union," he said.

APEC which was established in 1989 in Canberra, Australia, now has 21 members.

Source: Antara