Northeast Asian countries guard against uneven economic recovery, downside risks

SEOUL, May 3, 2021, Yonhap. The top economic policymakers of South Korea, China and Japan on Monday called for vigilance against uneven economic recovery across the countries and increased downside risks amid the pandemic, Yonhap News Agency reported.

The finance ministers and central bank governors of the three nations virtually held their annual trilateral meeting to discuss ways to promote economic cooperation amid the COVID-19 pandemic.

The financial chiefs said the economic outlook for the Northeast Asian countries has improved on the back of continued policy support and the vaccine rollout.

“However, we should remain vigilant as the economic recovery has been uneven across and within member economies, uncertain and subject to elevated downside risks,” said a joint statement issued after the trilateral meeting.

The policymakers agreed to step up efforts to achieve inclusive economic recovery and promote long-term fiscal sustainability, it showed.

At the meeting, South Korean Finance Minister Hong Nam-ki called for close trilateral cooperation to fight climate change, restore a multilateral trade system and cope with low birthrates and aging, according to Seoul’s finance ministry.

Next year’s meeting of the financial chiefs will be held in Sri Lanka, where the annual gathering of the Asian Development Bank (ADB) will open.