Sri Lanka’s President Rajapakse says Asia key to stability

PERTH, October 27, 2011 (AFP) – Sri Lanka’s President Mahinda Rajapakse Thursday accused Western nations of doing “too little, too late” to address economic problems, adding that Asia was key to global stability. “At present, many advanced nations suffer from high unemployment which has resulted in the first signs of political and social unrest being felt in those societies,” he said.

“Such situations, if allowed to escalate unchecked, could give rise to more serious political problems which would further threaten global economic stability.”

Rajapakse said Sri Lanka had been able to turn around its economy after ending close to three decades of civil war in 2009, and was part of an Asian bloc that was supporting global economic growth.

“In a world that is increasingly complex, where markets and economies seem to be in a constant state of uncertainty and turmoil, the only geographical area that appears to be somewhat stable is the Asia and Pacific region,” he said.

“In fact, today it is the Asia and the Pacific economies that are universally accepted in playing the key role in global growth and stability.” Rajapakse, in Australia for a Commonwealth summit, warned that high unemployment in some