However, it is important to keep a longer-term perspective on these developments. Over the previous two decades, during which globalization and expanded foreign trade and investment contributed to strong growth in East Asia, progress on poverty reduction in the region was truly astounding. So the challenge for us now is to reconnect and rebuild on the foundations that were put in place during that time. And Lessons Learned One of the big lessons of the crisis is that in the new global economy, even as countries strive for increased growth and competitiveness, they must complement this with a clear social agenda which embraces the poor and vulnerable groups, and with policies and institutions that help them manage capital flows and risks. And this is being done while continuing to adhere to fundamental development priorities such as primary education and targeting support to the poorest groups and provinces.
Growth is critical.
International Actions Needed What is true for East Asia is also true for the rest of the world. Globalization offers unprecedented opportunities for countries to expand trade, increase investment and improve living standards for their people. For the developing countries especially, it offers the best chance for the kind of catch-up that is needed to correct the untenable imbalance of today's planet where 20 percent of the people consume 80 percent of all the goods and services. But not everyone has been included in the benefits of globalization. Progress has been very uneven.