OPINION | Seizing new growth opportunities for ASEAN [By Masatsugu Asakawa] READ:
The first challenge is the Russian invasion of Ukraine which has caused tremendous suffering and sent shockwaves across the global economy.
To sustain momentum for recovery, the region must stay vigilant and prepare for collective action to avert regional financial instability. In particular, authorities must carefully manage the combined effects of higher oil prices, US interest rate hikes, and the phasing out of fiscal stimulus. ASEAN’s efforts to strengthen food and energy security through regional cooperation, bolster regional health security, and strengthen disease surveillance mechanisms are crucial to mitigate risks and maintain sustainability.
We know that international tax cooperation is key to combatting tax avoidance and evasion. To promote this through knowledge sharing and coordination on tax policy and administration, we launched the Asia Pacific Tax Hub.The countries in Asia and the Pacific are vulnerable to some of the most destructive effects of climate change, and these are expected to worsen. At the same time, our region is the source of more than 50% of annual global greenhouse gas emissions.
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