Developing Asia doing worse than expected: ADB

Posted: ফেব্রুয়ারি 19, 2009 in ADB

Asia’s developing economies are suffering more than expected from the global slowdown and must take steps to reduce their reliance on exports, the head of the Asian Development Bank said Thursday.

ADB president Haruhiko Kuroda called on developing countries such as India and China to take steps to boost domestic demand to offset the impact of recessions in major developed economies.

With growth slowing more than expected, the Manila-based ADB may lower its 2009 economic forecast for developing Asia, he told reporters.

The bank’s current projection, released in December, is for growth in the region to slow to 5.8 percent this year from 6.9 percent in 2008.

“Asia faces the threat of worsening conditions for socially vulnerable people, due to rising unemployment caused by slowing growth,” he said.

“But Asia remains the engine of growth for the world economy. With developed economies shrinking, Asia is the only region seeing growth, even if the pace is slowing,” Kuroda said.

The ADB chief said Asia’s export-led economies needed to spur domestic demand and boost trade within the region so as to reduce their dependence on ailing markets in developed Western countries.

The daily star 20.02.2009




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