There is a growing consensus that the worst is over for Asia and the rest of the world, but many risks remain, said leaders at the 18th World Economic Forum on East Asia.

They urged governments to formulate an exit strategy to mop up excess liquidity from stimulus programmes, avoid trade protectionism, strike a correct balance between regulation and flexibility, and use the crisis to move strongly on regional integration.

“There is a growing consensus that the worst of the crisis is over and even signs of bottoming out, and even hints of recovery in some economies,” said Lim Hwee Hua, Minister, Office of the Prime Minister of Singapore. “However, as we move out of the woods, we need to be mindful of how recovery is taking place.”

For more, watch the session and read the press release.