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IEA and ERIA Discuss New Global Economic Order

21 June 2023

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Jakarta/Cambridge, 21 June 2023: The emerging global economic order was the theme when the International Economic Association (IEA) conducted a virtual meeting with the Economic Research Institute for ASEAN and East Asia (ERIA). Distinguished economists from around the world took part, and opening remarks were delivered by Prof Dani Rodrik, President of IEA, addressing global issues such as climate change, geopolitical tensions, and inequality.

The discussions were structured in a flexible manner, allowing the notable economists to raise pertinent global issues. Dr Lili Yan Ing, ERIA’s Lead Advisor for Southeast Asia Region, initiated the discourse by highlighting the average expenditure on global research and development (R&D), which stands at 1.9% of GDP, and military expenditure at 2.2% of GDP. She emphasized the pressing need to address inequality and climate change in the present context. Dr Ing expressed her expectation for comprehensive publications and active engagement at both policy and academic levels to effectively tackle these challenges.

Renowned economist and 2001 Nobel Prize Laureate in Economics Prof Joseph Stiglitz provided valuable insights on intellectual frameworks, polarization, and the significance of respectful engagement in diverse liberal perspectives. Noting the complexities arising from political-economic and geopolitical tensions, ERIA Chief Economist Prof Fukunari Kimura proposed a holistic approach, emphasizing the interplay of financial systems, trade dynamics, climate change mitigation, globalization, and economic incentives.

Summing up the discussions, Prof Rodrik identified three major focal points. Firstly, the conceptualization of distinct frameworks for governing the global economy, encompassing sensitive issues across nations. Secondly, the growth models and trajectories of employment, health, and technological advancements. Lastly, that the mobilization of resources is paramount to generating global public goods and addressing challenges pertaining to climate change, financial liquidity, and stability.

The virtual meeting served as a key platform for leading economists to deliberate on the emerging global economic order. The insights and recommendations put forth during the session contribute to a better understanding of the multifaceted challenges and potential pathways for international cooperation in addressing the world's economic concerns.

The meeting was attended by among others Prof Andres Velasco, Dr Chatib Basri, Prof Danny Quah, Prof David Daokui Li, Prof Eric Maskin, Prof Jayati Ghosh, Prof Jose Antonio Ocampo, Prof Justin Yifu Lin, Prof Kevin O’Rourke, Prof Keyu Jin, Prof Mari Elka Pangestu, Prof Shujiro Urata, and Prof Yang Yao.

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