After seeing its recession touching the
bottom this year, Asia is likely to be the first to climb out of the
global economic slowdown, said the Asian Development Bank’s Chief
In a group interview with reporters in Manila on July 2, ADB Chief
Economist Jong-Wha Lee said Asia is now in a transition period from the
bottom of the crisis to the road of recovery.
Lee said that compared to other regions, Asia – outside of Japan , had
mostly managed positive growth throughout the crisis, albeit at lower
He added that the ADB was now seeing stronger numbers in terms of
“quarter on quarter industrial production,” and concluded that “ Asia
will see recovery faster than the industrialised countries.”
But he warned that there are a lot of downsized risks along the road as
export remains an important drive of Asia's growth and without the
global recovery it will be very difficult for Asia to go back to its
sustained growth path.
The ADB suggested Asian governments should continue economic stimulus
packages, have expansionary monetary policies and flexible foreign
exchange policy of looser credit and lower interest rates and support
small and medium sized enterprises.
The ADB in March forecast the economic growth for developing Asia to
plunge to 3.4 percent in 2009 and climb up to 6 percent next year./.