To address the rapidly expanding financial crisis, business and government leaders have gathered here for a three-day East Asia Economic Summit, hosted by the World Economic Forum. The annual meeting brings together policy makers with high level business leaders to think out of the box at ways in which the private and public sectors can work together to stimulate economic growth, for the benefit of all. This year, with a theme “Responses to the Recession: Regaining Stability and Growth in Asia,” the World Economic Forum (WEF) East Asia Economic Summit 2001, has become all the more urgent. In trying to integrate Asia into the global economy, participants at the WEF summit will be looking at what economic policies and corporate strategies will ensure sustained growth for the region.

In response to the no longer impending financial crisis, the WEF has undergone a wholesale adjustment of the program for the summit. “We have put together a new program that addresses the incidents of September 11 and the aftermath, the geo-political issues and the urgent need to put the economy back on track,” said Charles McLean, Director of Communications and Public Affairs at the WEF.

The theme of the East Asia Summit 2001 has actually been adjusted three times in the last 6 months, said Pamela Mar, Senior Regional Manager and Program Coordinator at the WEF. “The first was definitely more in terms of an economic slow-down. As the summer progressed it seemed that it was more like a down-turn,” she said. “And then after September 11 it is more or less acknowledged that we are in a recession and the recession is global.”

As with any major economic event, people adjust their outlook and the nature of their remarks to fit the circumstances. Many of the speakers at the summit independently came to the Forum and said that they had decided to focus their remarks not on September 11, said Mar, but actually on the economic repercussions of the attacks. Similar adjustments took place in 1997, when the Asian financial crisis exploded and several of Asia’s most important economies devaluated their currencies.

Concerns about security and the American lead war against terrorism and what the two mean in terms of geo-political relationships will not be addressed at the summit, said Mar. The reason for that, she said, is because in order to do so, a strong US administration voice would be needed, and James Kelly, the Assistant Secretary of State for the Asian region, had to cancel. “Without him, a whole bunch of Asians talking about global security can only contribute so much to the debate,” she said.

In light of September 11, many other gatherings of global leaders have been postponed, or canceled outright due to security concerns. But, the WEF has not capitulated to terrorist threats. “ The Forum is commited to providing a platform for dialogue in whatever environment,” said McLean. But the WEF has not been cavalier about security for the Hong Kong meeting. Mar said that from the very beginning of the organizational process for the summit, the Forum has been “working very closely with the Hong Kong government and police on ensuring that all participants have the most efficient security arrangements that they can have.”

Participants at the annual summit have also been unwavering in their support for the Forum activities. Of the approximately 550 registered participants, there have been very few cancellations, “no more than expected at a summit this size,” said Mar. From the government representatives scheduled to attend, there have only been two cancellations after September 11, the for mentioned James Kelly, and the representative from Taipei. “And that was due to a typhoon,” Mar said. “Taipei, got hit be two typhoons In a week. I wouldn’t say that was due to September 11.”

Two of the scheduled co-chairs of the meeting, Richard Grasso of Chairman and Chief Executive Officer of the New York Stock Exchange (NYSE) and Phil Condit, Chairman and Cheif Executive Officer of The Boeing Company, did cancel post-September 11. Mar said despite being unable to attend that both men had been very substantive in their commitment to the Forum. “If there are two organizations that are hit fiercely by September 11 it is those two,” said Mar. “It is unfortunate, but again the NYSE is sending its number two as well as two others at the board level Boeing is sending 6 people. It is just that in these circumstances and so close after those attacks and because their organizations are very intimately involved with the reconstruction, it is not possible for them to go. It is a disappointment of course, but it is understandable.”

The program for the Forum’s Annual Meeting in Davos, Switzerland is also undergoing a wholesale readjustment. McLean said that the program has been “ripped up” in light of September 11, and the creation of an entirely new agenda is being undertaken. The Forum is currently reworking the program to make it more informative, with a goal of offering those who attend Davos complete engagement. And despite security concerns, the Annual Meeting will proceed as planned. “The world cannot entrust its future to e-mail, we have come together,” said McLean. “It would be a great mistake to forgo the opportunity to meet face to face.”

Protecting heads of state and top CEOs always poses a challenges, and as usual, security will be of primary importance to participants, governments, and the Forum. McLean said that in the weeks following September 11, the Forum received many unsolicited comments and reassurances from members and participants indicating that they will be at Davos, regardless.

“The events of September 11 have given us pause, but we can’t retreat from our mission,” McLean said. “The terrorist incidents have shown us that it is even more important now, more necessary, to achieve visible, tangible, economic progress in the developing world and much depends on the business community to find ways to jump start growth so we can see economic progress in the developing world.”

This years Davos has been widely regarded as the Davos that will make history. “We are putting together the kind of Davos that made Davos famous,” he said. “Davos is always interesting, but this year it is urgent," said McLean.