ADB adjusts economic forecast for Asia
The Asian Development Bank (ADB) has
revised its economic forecast on how Asia is developing after figures
from the third-quarter showed a better than expected performance by
many countries in the region.
The Asian Development Bank (ADB) has
revised its economic forecast on how Asia is developing after figures
from the third-quarter showed a better than expected performance by
many countries in the region.
In a special assessment of the region, released on December 15, the ADB said that it now expects Asia to record an average growth of 4.5 percent in 2009 and 6.6 percent in 2010. This is an increase from the previously estimated 3.9 percent and 6.4 percent it predicted in its Asian Development Outlook (ADO) 2009 Update published in September.
The ADB forecasts that East Asia – comprising of the People's Republic of China , the Republic of Korea , Mongolia and Taiwan – will expand by 5.1 percent this year and 7.3 percent next year while Southeast Asia is now set to grow by 0.6 percent in 2009 and 4.5 percent in 2010.
The forecast for China remains unchanged from September's ADO figures at 8.2 percent in 2009 and 8.9 percent in 2010. The ADB now expects growth in India to reach 7.0 percent this year, one percentage point higher than previously expected, but has kept India ’s forecast for 2010 unchanged, also at 7.0 percent.
Jong-Wha Lee, the ADB's Chief Economist, said that the regions prospects look rosier than they did in September when the last study was conducted.
According to him, recently introduced fiscal and monetary stimulus policies and a moderate improvement in the European, Japanese and US markets have helped East Asia and Southeast Asia in particular./.
In a special assessment of the region, released on December 15, the ADB said that it now expects Asia to record an average growth of 4.5 percent in 2009 and 6.6 percent in 2010. This is an increase from the previously estimated 3.9 percent and 6.4 percent it predicted in its Asian Development Outlook (ADO) 2009 Update published in September.
The ADB forecasts that East Asia – comprising of the People's Republic of China , the Republic of Korea , Mongolia and Taiwan – will expand by 5.1 percent this year and 7.3 percent next year while Southeast Asia is now set to grow by 0.6 percent in 2009 and 4.5 percent in 2010.
The forecast for China remains unchanged from September's ADO figures at 8.2 percent in 2009 and 8.9 percent in 2010. The ADB now expects growth in India to reach 7.0 percent this year, one percentage point higher than previously expected, but has kept India ’s forecast for 2010 unchanged, also at 7.0 percent.
Jong-Wha Lee, the ADB's Chief Economist, said that the regions prospects look rosier than they did in September when the last study was conducted.
According to him, recently introduced fiscal and monetary stimulus policies and a moderate improvement in the European, Japanese and US markets have helped East Asia and Southeast Asia in particular./.
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