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Since the 1997 crisis, Asian countries have seized the opportunity to undertake significant restructuring and reforms and to strengthen the dynamism and resilience of their economies. Asia is now home to the world's fastest-growing economies, which contribute about 40% of global output and one-fourth of world trade and hold nearly two-thirds of the world's international reserves. Asia has also deepened its integration with the global economy. Asia achieved this dramatic transformation from crisis to recovery so fast because of three key elements: 1. enhanced economic flexibility, 2. strengthened macroeconomic fundamentals, and 3. improvements in the financial and corporate sectors. As Asia advances toward increased integration and strengthened cooperation, it is important to recognize the different regional strengths and complementarities, together with those of the multilateral agencies, and the need to maximize synergies and avoid duplication of efforts. Constructive engagement is essential. As part it this process, Asia needs the space to pursue greater regional integration and cooperation.

What is Islamic finance (IF)? To gain a better understanding of the phenomenal rise of IF in general, of Southeast Asia's particular role as an epicenter for IF innovation and development, and of the opportunities and challenges facing IF as an economically viable global financial industry, Asia Policy presents insights from a panel of senior finance officials, industry practitioners, and scholars.

Strong macroeconomic fundamentals and the strengthened corporate and banking sectors have well positioned Malaysia to tap the emerging global recovery to achieve stronger growth Of 3.5% in 2002. Malaysia also had the policy flexibility to implement pro-growth policies without creating imbalances in the domestic economy. With the trend towards greater trade and financial liberalisation, the drive to sharpen the nation's competitive edge through structural reforms continues to be pursued in Malaysia. As a matter of policy, Malaysia has not relied on the exchange rate to gain competitive advantage. As an open trade-dependent economy, the stability of the exchange rate is very important for the conduct and planning of economic activity. The focus has therefore been on ensuring that the pegged exchange rate regime continues to be well supported by the underlying fundamentals.

[...]the lack of consumer protection and regulatory and supervisory frameworks exposes informal activities to vulnerabilities that can harm borrowers and jeopardise financial stability.

  In the area of education, he was with University Malaya for 40 years, of which for more than 20 years, he continued to educate whilst managing the university as the vice-chancellor. Answer: My father encouraged me to gain knowledge and become highly authoritative on the subject that was of interest to me.

Asia weathered the global financial crisis and its aftermath with a resilience it built steadily over the past decade. Today, that resilience is again being tested as a significant transition takes place in the global economic and financial landscape. As the recovery in the major advanced economies strengthens, the end of unconventional monetary easing in these economies is an inevitability. While the prospect of a return to more conventional monetary policy reflects improved economic conditions, it has been accompanied by heightened volatility, with spillovers to the emerging market economies. Asia, with highly open economies and increasingly globally connected financial systems, is not insulated from these external developments. The region will benefit from the global recovery, and its strength and resilience will help it navigate this more volatile international financial environment. A resilient Asia will benefit the global economy by being a vibrant growth center and a stabilizing force in the global financial system. Adapted from the source document.

Asia has become a key part of the world economy, not only in terms of its economic size, but also in terms of its influence in global economic and financial developments. In the recent decade, it has emerged as the fastest growing region, contributing almost 40% of global output, one-fifth of world trade and nearly two-thirds of the world's international reserves. This economic progress and growing economic prosperity have reduced income disparities and increased economic opportunities to more than half of the world's population that reside in Asia, with per capita income rising about 6% per annum in this recent decade. There has been an increase in the potential for Asia to be an important engine of growth in the global economy through the strengthening of its trade and investment relationships. In this process, Asia will contribute towards the rebalancing of global growth and towards the adjustment of global imbalances. It will also have an important role in facilitating the efficient allocation of funds by rechannelling its large current account surplus into productive investment, thereby spreading growth opportunities in the region and in the world.

[...]anticipatory policy actions which recognise the next eventuality as the crisis unfolds will be key in preventing a worsening of the crisis and in mitigating its impact in its subsequent stages. [...]the focus of policy actions in managing financial distress has to reach beyond the conditions in distressed financial markets and institutions, to actions that address the broader conditions of the affected asset markets and distressed borrowers.