ASIA: Who's driving, where?

Who's driving, where?

The theme of the World Economic Forum's Melbourne summit, September 11-13, is "Leveraging the New Drivers for Growth". Its focus is on which mix of economic policies will make the region the most desirable for Western capital.

Among the 800 corporate executives expected to attend will be Asia-Pacific vice-president of Goldman Sachs, Kenneth Courtis. His Wall Street investment bank was one of those behind the giant hedge funds which sliced up the region's currencies in 1997.

Australian bankers will also be present, many of whom have picked out tasty morsels from amongst Asia's heavily marked-down assets. The National Australia Bank's CEO, Frank Cicutto, is a guest speaker.

So who are the "new drivers of growth"? The bankers would have you believe that they are. The protesters outside will tell a different story.

BY SEAN HEALY

From GLW issue 417