Thanks to Asia, economic crisis is rolling back: UN official

I / Washington July 16, 2009, 13:41 IST

The current economic crisis is rolling back due to the significant progress made by countries in Asia like India and China, a top UN official said on Wednesday.

The financial stimulus packages and reforms announced by these countries could help in creating a more integrated and coordinated Asia and the Pacific that builds up on collective regional strengths and resources, UN Economic and Social Commission for Asia and the Pacific (ESCAP) Executive Secretary Noeleen Heyzer, said.

During the course of the UN Economic and Social Council session, which is currently taking place in Geneva, Heyzer highlighted the need for appropriate investments in infrastructure to create economic corridors that link less developed countries to economic centres in the region, thereby increasing intra-regional trade.

As a result, the recovery of larger economies like China, India and the Republic of Korea will have "greater reciprocal positive spin offs" for their smaller neighbours, she said.

Heyzer said that her organization has responded to the crisis by encouraging policies that include social programmes such as health coverage, pensions, education and agricultural extension services, as well as investment in small and medium scale enterprises.