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Business News
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Leadership
Developing Asia to lead world recovery from recession
22.09.2009
The Asian Development Bank (ADB) has revised upwards its growth predictions for the developing Asian economies such as China and India, saying that developing Asia is proving to be more resilient to the global downturn than was initially thought.
In an update to its Asian Development Outlook report, the Manila-based organisation forecast economic expansion in developing Asia to come in at 3.9pc in 2009, up from the 3.4pc expected in March when the report was published.
TheADBalso upgraded its 2010 growth projection to 6.4pc from 6pc. Stronger growth in East Asia and South Asia underpinned the improved prospects, the bank said.
“Despite worsening conditions in the global economic environment, developing Asia is poised to lead the recovery from the worldwide slowdown,” said ADB Chief Economist Jong-Wha Lee.
The Chinese economy is now forecast to grow 8.2pc in 2009 and 8.9pc in 2010, up from the March forecast of 7pc and 8pc respectively.
However, the ADB also noted that the economies of Hong Kong, China and Taipei, China are also likely to shrink more sharply on account of the severe drop in the demand for their exports.
Lee warned of complacency from the developing Asian economies with regard to recovery: “The improved regional outlook should not make developing Asian economies complacent. A protracted global slowdown or the hasty withdrawal of stimulus packages can degrade the region’s ongoing recovery.”
To read the Asian Development Outlook 2009 update, visit www.adb.org
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