World must learn lessons from recession: Manmohan

Hua Hin, Oct 25: Prime Minister Manmohan Singh on Sunday, Oct 25 urged the world to learn from the global economic crisis by keeping 'the real economy strong and sound'.

Addressing the East Asia Summit here, Singh said, "The vision of Asian economic integration among member countries could lead to a broader Asian Economic Community."

"We must learn lessons from the global economic crisis," Singh told leaders of the 10-member Association of Southeast Asian Nations (ASEAN) as well as China, Japan, South Korea, New Zealand and Australia.

"One of these is the need to ensure coordination in our growth policies," he said. "The other is to keep the real economy strong and sound."

"We agree with Japan that greater emphasis has to be laid on growth of domestic demand. And the third is to keep the flow of trade, technology and investment open, orderly and predictable," he said.

He also said India would contribute $1 million over 10 years to enlarge the activities of the Economic Research Institute of ASEAN and East Asia (ERIA).

OneIndia News