Philippine President Fidel Ramos says closer integration into the global economy is the remedy to the crisis gripping East Asian economies.
Mr Ramos, speaking yesterday at the World Economic Forum, said while the region had benefited most from globalisation, it had also been 'severely punished' for policy mistakes.
'The lesson has been drummed forcefully into our economic policy-makers,' he said.
'Growing inter-dependence means that economic problems in one country could re-echo in other economies.
'The remedy lies not in turning away from the world but in embracing it even more closely.
'Now we all know that if our economies are to ward off further speculative attacks, they must maintain competitive exchange rates and keep tight financial discipline.' Mr Ramos said he was encouraged by recent World Bank projections of average gross domestic product growth of 7.6 per cent for East Asia during the next decade.
Despite the slowdown from recent boom growth rates, it was still the highest rate in the world, he said.
