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The ASEAN Roundtable held in Singapore on 18^th June 2009 was organised by the ASEAN study centre [ASC] and Institute of South East Asian Studies [ISEAS]. Academics from the ASC, ISEAS, and business leaders from ASEAN Business Advisory Council, officials from ASEAN secretariat joined the roundtable. UNI Apro was represented by Jayasri Priyalal, Director for UNI Apro Finance Sector Activities.



Discussions, based on seven papers presented by academicians and ASEAN Officials were focused on the theme “The Global Economic Crisis: Implications for ASEAN”



Social consequences of the crisis in ASEAN were analyzed under two sub-themes; ASEAN’s response mechanisms for labour and social protection: Challenges in creating crisis-resilient economies and what can ASEAN do to address rising poverty levels and social unrest? Region’s financial institutions have survived the first wave of the global financial storm and banking system remains structurally solid. However, decline in demand for exports as a result of the global economic downturn has impacted heavily on many export led economies in ASEAN. Thousands of workers in key export industries in the region have been retrenched. Generally there is a trend towards an increase of informal and vulnerable employment as a direct impact of the crisis. A great deal of uncertainty remains as to how the current crisis will affect overall levels of poverty and working poverty in Asia. Stimulating domestic economic activities and supporting aggregate demand through employment and social protection is a viable policy direction for ASEAN moving ahead of the current crisis.



Business community noted that the progress towards ASEAN Economic Community is slow and hampered by the lack of focus on public private partnerships. And this is compounded by the member countries lack of will to realise the binding commitments outlined in the ASEAN Charter. While the participants acknowledge that ASEAN is in right track and are hopeful that the global financial crisis will not impede ASEAN’s goal for greater regional economic integration.