08 Apr '11, 1pm

ASEAN finance ministers warn of threats to economic growth

ASEAN finance ministers warn of threats to economic growth

NUSA DUA, Indonesia : ASEAN finance ministers agreed Friday to speed up regional integration and pledged to press ahead with plans for a disaster insurance fund in the wake of Japan's tsunami disaster. They also warned that rising food and oil prices could threaten the global economic recovery, and expressed concern about massive inflows of destabilising "hot money" from abroad. Indonesia's rupiah hit four-year highs against the greenback earlier this week and inflation is running at more than 6.5 percent, underlining concerns that the region's more successful economies may be close to boiling point. "In contrast (to developed countries), emerging and developing economies have led the global economic recovery," Indonesian President Susilo Bambang Yudhoyono said at the start of the talks on the Indonesian island of Bali. "This is of course no time to be complacent," he adde...

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

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