BY IOAN VOICU, The Nation -- Chodechai Suwanaporn is right in asserting that the global economy still faces risks and uncertainty and in concluding that we are not out of the woods yet.

Indeed, the recovery from the global economic and financial crisis remains fragile. Growth is expected to reach only 2.5 per cent in 2012. Severe fiscal austerity and wage compression have seriously affected growth, without bringing reduced fiscal deficits, job creation and renewed confidence in the financial markets. All these aspects are well known in Asia and Europe.