World Knowledge Forum 2011: "The New Economic Crisis: Reforming Global Leadership & Asia`s Challenge" wkf2011 l 2011.09.14

As we face an unforeseen crisis in 2011, the World Knowledge Forum will focus on finding solutions to overcoming the crisis. The theme for the World Knowledge Forum 2011 is "The New Economic Crisis: Reforming Global Leadership & Asia`s Challenge."

At the beginning of this year, the global economy seemed to be leading a rosy path showing signs of growth. However, with the US default risk that spurred in July which then gave birth to the degrading of the US credit rating by S&P coupled together with the eurozone’s fiscal crisis made the global economy nosedive to its fall. Liquidity providers in the US and Europe were unable to produce a fruitful outcome with their financial policies and the gloomy clouds of double dip were evident in the global economy. The inflation whirlwind that began from the US and Europe quickly advanced to Latin America and is spreading in all directions.

The 1998 Asian economic crisis was singled out to the Asian nations only. The 2008 global financial crisis began in the US and quickly spread to other regions but could be overcome by the determined emerging economies including Asia and Latin America. However, the most recent economic situation poses as a tougher problem without an easy way out. The World Knowledge Forum defines this unheard-of phenomenon as ‘The New Economic Crisis.’

But let us remember that with crisis comes opportunity. The World Knowledge Forum will bring forth ‘reforming global leadership’ and ‘Asia’s role’ as solutions for ‘The New Economic Crisis.’

‘Reforming global leadership’ is the answer for recovering from the global leadership stalemate that surfaced with ‘The New Economic Crisis’ which experienced the dichotomy of global leadership by the US and Europe. Who will take over the US hegemony is an issue to be tackled, with hopes that this new power will be the answer for our way out of ‘The New Economic Crisis.’

The 12th World Knowledge Forum has brought current leaders and promising candidates for next leaders around the world to a table for discussion on directions of global leadership. Our distinguishable speakers include Sarah Pailn, the foremost woman to run on the US Republican Party’s presidential ticket, Maehara Seiji, the most powerful candidate for Japan’s future Prime Minister, former British Prime Minister Gordon Brown, The EU`s Trade Commissioner Karel De Gucht, and Supachai Panitchpakdi, Secretary-General of the UN Conference on Trade and Development (UNCTAD).

One of main themes in this year’s World Knowledge Forum is whether Asia can be an alternative to the global economy which is currently going through one of the toughest times in its history. Having been calling for the importance of ‘One Asia,’ the World Knowledge Forum proposes an Asian-style alternative to tackle the global economic turmoil by bringing economic and business experts from three major countries in Northeast Asia to one place.

On behalf of Japan, Keio University Professor and former Minister of Internal Affairs Heizo Takenaka, Toshiba’s Chairman Atsutoshi Nishida, ORIX Corporation Chairman and Chief Executive Officer Yoshihiko Miyauchi, Managing Partner of Globis Capital Partners Yoshito Hori and President and Chief Executive Officer of LION Corporation Sadayoshi Fujishige will visit the forum to share their knowledge on the present economic situation. These Japanese experts who have gone through Japan’s long-term economic recession, the so-called “lost decade”, will discuss solutions to the current economic crisis based on their experience. From China, Director of the National Economic Research Institute (NERI) Fan Gang, Director General of Financial Research Institute of Development Research Center of the State Council (DRC) Xia Bin, President and Vice Chairman of Industrial and Commercial Bank of China (ICBC) Yang Kaisheng and Public Policy Professor at Tsinghua University Yu Qiao will participate in the forum. They will shed light on China, which is rising as the sole alternative to the latest economic crisis, mulling over what China needs to do to fill the void of global leadership at the present moment. The 12th World Knowledge Forum will provide a rare and precious opportunity to listen to what Chinese economic and financial experts say about China’s role in restoring global leadership. The World Knowledge Forum 2011 will seek to find global solutions for this newly born crisis, and what kinds of challenges Asia must meet in order to improve its strength.

The World Knowledge Forum has been growing to become the largest and greatest platform in Asia for discussion of the global economy and business as it invited best speakers around the world every year, who provided insights and solutions to various issues of the year for the past decade. Around 200 world’s most impressive speakers will visit the forum this year to suggest preparation measures for the global economy shadowed by possibilities of a double-dip and long-term recession and vacuum in global leadership. October 2011 will be a month full of fresh ideas and insights on the global economy and business.

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