Resolve and coordination needed to deal with global challenges: Shaktikanta Das
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Mumbai: Reserve Bank of India Governor Shaktikanta Das, while mentioning the challenges faced by the global economy, said here today that more determination and coordination is needed to deal with them. While addressing the 59th SEACEN Governors Conference held here, Das said that there are many challenges before the global economy, but new opportunities are also knocking at the door. There is a need for policies that are in line with the new realities of the global economy.
In an uncertain world, central banks need to be proactive to better meet price and financial stability objectives. He said that in this environment cooperation is not an option but a necessity. Greater determination and coordination is needed to make significant progress in tackling global challenges. The conference serves as a platform for the region’s central banks to share insights and promote cooperation across a range of sectors for enhanced progress and prosperity.
Das said Southeast Asian economies have shown remarkable resilience in the face of major global shocks. To a large extent, this can be attributed to the better monetary and macroeconomic policy frameworks that these countries have adopted in recent years. Growth in the region remains strong, while inflation has remained below the OECD average. The region’s economic activity is supported by resilient service activity in sectors such as retail trade, digital services, e-commerce and tourism. The region remains a model of regional integration with trade and labor flow links.
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