In 2000, Tadao Chino, the President of the Asian Development Bank, made the following statement at the World Economic Symposium: “One of such emerging challenges is the accelerating and deepening globalization of economies. Since the 1980s, globalization, supported by deregulation and IT revolution, together with increasing financial assets, has presented enormous opportunities and risks. It is a well-known fact that much of the success of Asian economies could be attributed to the market-friendly and export-oriented economic policies pursued by the respective governments, taking advantage of the increasingly globalized market. Many Asian economies have strengthened market orientation of their economic policies and institutions, gradually dismantled barriers to trade and investment, and facilitated rapid changes in production and telecommunications technologies. As a result, many Asian economies have been able to grow rapidly and sharply reduce poverty levels, while achieving a significant degree of integration with the global economy as is revealed by the considerable share of foreign trade in their national economies.” According to this statement, what is one of the greatest challenges faced by the economies of the Asian countries? Fast pace of globalization Protectionist policies of Europe and the US Market-friendly export opportunities Rapid changes in production and telecommunications technologies
According to this statement, fast pace of globalization is one of the greatest challenges faced by the economies of the Asian countries. So the answer is letter A. Globalization made changes to the world especially to Asian economies because it help Asian countries to build and create a great connection between each other.
