18 Aug '11, 3pm

ASEAN should rely more on domestic consumption: Philippines finance chief

SINGAPORE: The Philippines' Finance Secretary said ASEAN countries will need to rely less on exports and more on domestic consumption to help their economic recovery. Cesar Purisima, speaking in Singapore, added that the region can't depend on Chinese growth to help it ride out another recession. He said India instead, could be part of the answer. Mr Purisima added that financial markets were likely to remain turbulent until global issues, such as the U.S. debt burden and the sovereign debt crisis in Europe, were addressed. China's strong growth helped pick up the slack for most exporting countries during the last financial crisis. With more signs of the global economy faltering once again, that option may no longer be available. Mr Purisima said: "Unlike in 2008, when China was able to help the world with its fiscal stimulus, that option is probably not as readily availab...

Full article: http://www.channelnewsasia.com/stories/singaporebusinessn...

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