PACIFIC BASIN ECONOMIC COUNCIL
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Regional Meeting on Social Issues Arising from the East Asia Economic Crisis and Policy Implications for the Future

The World Bank Group United Nations Conference Center Bangkok, Thailand January 21-22, 1999

Chote Sophonpanich, Chairman of PBEC Thailand, and Dr. Witaya Jeradechakul (far right), Director General of PBEC Thailand, represented PBEC at a recent meeting hosted by The World Bank Group. PBEC Thailand Chairman Chote Sophonpanich and PBEC Thailand Director General Dr. Witaya Jeradechakul joined 207 other international participants at a recent conference hosted by The World Bank Group. The event, titled "Regional Meeting on Social Issues Arising from the East Asia Economic Crisis and Policy Implications for the Future," brought together governments, lending and development agencies, and civil society around the pressing human needs of the countries in the East Asia and Pacific region currently experiencing economic turmoil. The meeting focused on three major themes: developing a common understanding of the social situation in the region as a result of the economic crisis, new initiatives to advance social development, and operational coordination and partnerships. The meeting was a first in a series taking stock and advancing the common agenda. In addition to PBEC, participants included member economies of the World Bank group, regional organizations such as ASEAN and the IMF, and private individuals and organizations. PBEC delegates said the meeting was a success in bringing in full representations of both private and public sectors to examine the aftermath of the region's financial crises. Many participants pointed out the need to continue pressing for the appropriate solutions and taking care of failing economies, noting that the crises are still persisting and will undoubtedly grow to affect other world regions in the 21st century. The conference itself gave top priority to social issues, including: Social Development Repercussions of Regional Economic Volatility. Due to the economic crises in the region, many economies now face a major new challenge of preserving their social development, providing a social safety net, and managing the social costs which have emerged in the face of international economic turbulence and difficulties. The conference has underlined the need to examine intensively the interrelationships and interdependence between economics and social dimensions to maintain social development in the presence of the fluctuations of the region's economic situation. Poverty Alleviation. The meeting noted that poverty is another important issue raised by awareness of the financial crises. Strategies through macroeconomic and microeconomic measures were cited as significant in reducing the rate of poverty. Multisectoral social development programs for improved health, education, literacy, shelter, family planning, population and gender equality are encouraged. For more information, contact: Ms. Katherine Marshall, Director for Social Policy Ms. Nimalka Moonesinghe, Program Assistant Ms. Cindy Suh, Social Policy Analyst 181 H. Street, NW Washington, D.C. 20433 Tel. (202) 473-6923 Fax (202) 477-0169