U.S. Treasurer Anna Escobedo Cabral said here Friday most dynamic Asia-Pacific economies are still maintaining their momentum and acting as a driving force for the world economy, despite recent financial changes in the United States and Europe.
Cabral made the remarks at a plenary session of the ongoing 18th Global Summit of Women (GSW) in the Vietnamese capital of Hanoi, which is attended by over 900 business women, professional and government leaders from about 70 economies around the world.
Asia-Pacific's better access to capital and technology, and higher spending have helped the region maintain stable and high economic growth rates and savings, and stimulate domestic demand, the treasurer said.
Many Asia-Pacific economies, including such key players as India and Japan are closely attached to the global economy, and developing ones have made great progress in poverty reduction, she said, noting that Vietnam has posted economic growth of 7.5 percent over the past decade, and axed its poverty rate considerably.
Besides the important role of the Asia-Pacific in the world economy, she outlined some other mega-trend affecting it, including the region's aging population, and increasingly bigger role of women in business and family matters.
The population boom period in Asia has ended, and been replaced by aging problems which may both weaken labor forces in such countries as Japan, Afghanistan, Pakistan, Thailand, Indonesia and Malaysia, and create opportunities. Demand for healthcare services targeting the old is increasing, she said.
More and more women around the world are engaging in making money and shouldering social responsibility, she said, noting that women in such countries as Bangladesh and Rwanda are in charge of reconstruction work at national scale.
With bigger wallets, better plans before retirement and wiser spending, women play a more important role in fostering children's education, and facilitating poverty reduction.
Therefore, it is necessary to provide them wider access to training and funding, especially micro-finance, the treasurer noted.
Also at the plenary sessions, Sungjoo Kim, Chief Executive Officer of MCM Ltd. from South Korea, mentioned three mega-trends affecting the world's economies, namely: women moving from manufacturing industry to services, social structure changing from patriarchal society to horizontal leadership, and society shifting from profit-based to value-based with the emergence of corporate and social responsibility.
More and more women are working in banking, retailing and Internet-based industries, Kim said, noting that with good command of English and Internet-enabled computers "women are able to work globally from their own home or an office."
Many women are taking managerial posts, because they have better communication skills and quality leadership, she said.
The 18th GSW, held in Vietnam for the first time from June 5-7,is to center on two major factors: dynamic Asia-Pacific economies led by China and India, and the important role of women, whose purchase-related decision largely affects families and companies, in the economies.
Source: Xinhua
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