Visa International CEO Cites Growth Prospects for East Asian Economies
Fecha Miércoles, noviembre 27 @ 21:14:48
Tema Internacional :: International
| The economies of East Asia, as well as the greater Asia region, face the prospect of continuing growth despite turbulence in the global economy, Visa International President and CEO Malcolm Williamson said in opening remarks at the East Asia Economic Summit in Malaysia Sunday.
Williamson is co-chairing the East Asia Economic Summit in Kuala Lumpur, which is being sponsored by the World Economic Forum to stimulate a dialogue among business and government leaders about economic and political challenges facing the region in the coming year.
Despite a broad downturn in the global economy and turmoil in global equities markets, East Asian economies have performed well over the past year, Williamson told delegates at the Summit.
Williamson cited several factors that have helped create a growth environment in Asia:
-- A combination of sound fiscal and monetary policies that have helped stabilize the economy and prepared a platform for ongoing growth.
-- Increased levels of consumer spending, which are being driven by policy responses and long-term structural shifts, including demographic changes, rising rural incomes and a greater willingness by banks to finance consumers.
-- The economic benefits of globalization.
Williamson encouraged Asian economies to take steps toward more integration in order to compete more effectively in the global marketplace.
Williamson also urged Asian economies to be aware of the challenges they face going forward, including the potential risks of fluctuating export demands, currency risks and increasing consumer debt.
Visa International has reported global sales volume of $2.3 trillion from June 2001 to June 2002, an increase of 17 percent. The company's Asia Pacific Region led that growth with a 45 percent increase in sales volume in the same time period.
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