Nusa Dua (Antara Bali) - Policy makers in Asian countries should prepare action plans to overcome the impact of the crisis in the US and Europe that will hit the region soon, an expert said.
Iwan J Azis, head of the Asian Development Bank (ADB)'s Regional Economic Integration division, said policy makers in Asian countries should be alert to the financial crisis that was occurring in the United States and Europe.
"Decision or policy makers in Asian countries should be aware of the impact of the crisis because we believe it will affect the region in 2012," Iwan said after attending a New Asia Rising seminar here on Saturday.
Iwan said the crisis' impact on Asia in 2012 would be greater than in 2011. "All of us in Asia must be prepared for the worst situation due to the impact of the global crisis," he said.
The impact of the crisis would likely reach Asia via two pathways, namely trade and financial channels.
He suspected, currently trade from Asia to the economic crisis-hit regions was declining, while the value of inter-Asian trade was increasing.
Iwan was not certain when exactly in 2012 the crisis' impact would hit the region.(**)
