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MANILA, May 23 -- The 23rd World Economic Forum (WEF) on East Asia wrapped up here on Friday, following three days of discussions on how to address inequality and ensure economic growth in the face of destructive "mega-disasters."

James T. Riady, chief executive officer of Indonesia-based Lippo Group and co-chair of WEF on East Asia, said the meeting highlighted the urgent need to close gaps in income and wealth distribution.

"These gaps may endanger the progress we have made. Inclusiveness is a big issue," said Riady during the closing plenary which assessed the outcome of the meeting.

Atsutoshi Nishida, chairman of the Board of Toshiba Corp. and also co-chair of WEF on East Asia, said the region must prepare for disasters and develop new solutions to make it risk-resilient.

"This meeting has allowed us to define some new directions. It has been a fruitful meeting," said Nishida.

In a session on Friday morning, panelists noted that Southeast Asia faces "unique" climate-related challenges, given its vulnerability to extreme weather and rising sea levels.

In the past, climate conversations have been confined to countries' environment ministries and within environmental advocacy groups. However, panelists said the effects of an anticipated 3 to 4 degrees Celsius of global warming are so pervasive that they require a broader governmental, private sector and civil society approach.

Yolanda Kakabadse, president of World Wildlife Fund International and co-chair of WEF on East Asia, said addressing the problems that confront the region should increasingly involve the youth.

The 24th WEF on East Asia will be held in Bali, Indonesia next year.