HUA HIN, Thailand (Reuters) - Southeast Asian leaders called on Sunday for coordinated policies and joint actions at the regional level to deal with a worsening global financial crisis that is battering their export-dependent economies, but did not spell out any specific actions the group would take.
"They also welcomed expansionary macroeconomic policies, including fiscal stimulus, monetary easing, access to credit including trade financing, and measures to support private sector ... to stimulate domestic demand," said a statement due to be issued at the conclusion of a summit of the Association of South East Asian Nations (ASEAN).
"Toward this end, they stressed the importance of coordinating policies and taking joint actions that would be mutually reinforcing at the regional level."
The 10-nation grouping did not outline any specific policies or actions it would take on a regional level in the statement obtained by Reuters before the summit's conclusion.
Asian economic growth is slowing rapidly as consumers and companies cut back spending amid the worsening global downturn.
In Southeast Asia, Singapore is already in recession and economists believe Malaysia and Thailand are on the brink, while Indonesian growth has slowed to its weakest pace in more than two years.
Many countries in the region have announced stimulus spending plans in a bid to stem the economic damage, but exports will not stage a major recovery until consumers in the West start spending again.
"They also welcomed expansionary macroeconomic policies, including fiscal stimulus, monetary easing, access to credit including trade financing, and measures to support private sector ... to stimulate domestic demand," said a statement due to be issued at the conclusion of a summit of the Association of South East Asian Nations (ASEAN).
"Toward this end, they stressed the importance of coordinating policies and taking joint actions that would be mutually reinforcing at the regional level."
The 10-nation grouping did not outline any specific policies or actions it would take on a regional level in the statement obtained by Reuters before the summit's conclusion.
Asian economic growth is slowing rapidly as consumers and companies cut back spending amid the worsening global downturn.
In Southeast Asia, Singapore is already in recession and economists believe Malaysia and Thailand are on the brink, while Indonesian growth has slowed to its weakest pace in more than two years.
Many countries in the region have announced stimulus spending plans in a bid to stem the economic damage, but exports will not stage a major recovery until consumers in the West start spending again.
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