Asia gearing for post-crisis world: Singapore's PM Lee

“Despite the global downturn, vitality and dynamism in Asian economies are undiminished, especially China and India,” he added, in wide-ranging remarks at a session of the Commonwealth Heads of Government Meeting (CHOGM) here, devoted to global developments.

“Countries are not just tackling the downturn, but actively preparing for the post-crisis world.”

Southeast Asian countries, for instance, remain committed to building an ASEAN Economic Community by 2015.

ASEAN (Association of Southeast Asian Nations) countries have also been pooling resources with China, Japan and South Korea into a regional fund aimed at promoting financial stability.

But the global economic recovery is not yet on a firm footing, Lee warned, noting that unemployment would remain high for some time and that policy errors could still happen.

As he spoke, global markets were still reeling from news that Dubai might not be able to pay off its massive debts, triggering fresh fears of another round of global financial instability.

Speaking separately to the Singapore media later, Lee said the government was tracking the issue closely as the potential reverberations remained unclear.

“My guess is that it will be contained,” he added. “But the international financial markets are linked and this may change the sentiment and knock the air out of the stock markets, which have risen very rapidly.”

Lee also briefed Commonwealth leaders on the recent Asia-Pacific Economic Cooperation (APEC) summit in Singapore, where leaders from 21 major economies in the region addressed ways of generating balanced, inclusive and sustainable economic growth.

This year's theme at APEC was not dissimilar to the one for CHOGM, which called for “partnering for a more equitable and sustainable future”.

One significant outcome at APEC was the expansion of the Trans-Pacific Partnership, Lee said, as he briefed Commonwealth leaders on the summit.

Four new economies -- the United States, Australia, Peru and Vietnam -- agreed to engage four of the partnership's existing members -- Brunei, Chile, New Zealand and Singapore -- in a free trade agreement that could one day grow into an Asia-Pacific free trade zone.

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