(Yicai) Oct. 30 -- The global economy is on the path to recovery, but the world still needs to be on the alert for the fallout from some economic development and co-operation measures, the former president of Slovenia said at the ongoing Boao Forum for Asia's Second Conference of Global Economic Development and Security Forum.

The global economy is still in a critical phase, said Danilo Türk, who is also the honorary chairman of the Global Economic Development and Security Forum which comprises over 20 sub-forums focusing on forward-looking topics in the era of artificial intelligence-generated content, such as sustainable development, trade risk prevention and food security.

Although there have been strong rebounds in many areas of China, there are still plenty of places in the world facing relatively severe inflation and sanctions imposed by any single nation or several countries together will impact the world’s economic development, Türk said yesterday at the event in Changsha, central Hunan province which is co-organized by the Boao Forum for Asia and the Hunan government.

More tools need to be developed to properly manage and govern artificial intelligence, Türk said. The European Union has done a lot of work to enhance the management of digital transformation but the results are not yet fully realized. China and the United States are also formulating regulations according to their own development needs.

Efforts to promote multi-party integration are underway, he said, adding that he hopes there will soon be results although neither a definite deadline nor a clear answer are yet available.

Asia remains the world's principal growth engine, contributing about half of economic expansion, said Zhou Xiaochuan, vice chairman of the Boao Forum for Asia. Asia is also a key part of the global value chain's industrial collaboration. The slowing growth in major economies and weakened external demand have had a huge spillover effect on Asia, he added.

Asia should increase its efforts to bridge global divergence, promote mutual trust and solidarity, advance regional integration and rebuild global connections to make crucial contributions, Zhou said.

Editors: Zhang Yushuo, Kim Taylor