ASEAN Summit in Vietnam This Week

Southeast Asian leaders are meeting in Nha Trang, Vietnam, this week to coordinate economic policies — such as lending rates, credit support and government spending — now that they have weathered the global recession and entered a fragile recovery that calls for new policies to maintain momentum.

A report says the ASEAN economy will grow 4.9% to 5.6% in 2010 vs. 1.9% last year.  Key challenges are managing capital inflows from foreign investors as well as inflationary pressures — and the risk of pulling the plug too quickly on stimulus programs, which could derail economic growth.

ASEAN has ambitious plans to establish a political and economic community by 2015, a single market and production base with free flow of goods, services, capital investment and skilled labor, plus joint foreign policy and security initiatives.

The resource-rich region of 584 million people has increasing clout in the global economy, with a gross domestic product of $2.7 trillion.

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