Asian Development Bank upgrades forecast for Asian economy
Tue, 15 Dec 2009
DPA
Manila - The Asian Development Bank (ADB) said Tuesday it has upgraded its economic growth forecast for developing countries in Asia due to the better-than-expected performance of many economies in the region. The Manila-based ADB said it now expects developing Asia, which covers 45 countries in Central Asia, East Asia, South Asia, South-East Asia and the Pacific, to grow by 4.5 per cent in 2009 and 6.6 per cent in 2010.
In September, the ADB predicted the region's economy would grow 3.9 per cent in 2009 and 6.4 per cent in 2010.
"The prospects for much of the region look rosier than they did in September when we last did a full study of the region," ADB chief economist Jong-Wha Lee said.
"Fiscal and monetary stimulus policies and a moderate improvement in the G3 economies of Europe, Japan and the United States helped East Asia and South-East Asia in particular," he added.
ADB said East Asia - comprised of China, Hong Kong, South Korea, Mongolia and Taiwan - was expected to expand by 5.1 per cent this year and 7.3 per cent in 2010.
South-East Asia - Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam - was predicted to grow 0.6 per cent in 2009 and 4.5 per cent in 2010, the bank said.
ADB said Central Asia was projected to grow more slowly in 2009 than previously expected largely due to persistent economic weakness in Armenia, but the region should still expand by 3.6 per cent in 2010.
The bank also increased its economic growth forecast for South Asia to 6.4 per cent in 2009 and 2010, with India projected to grow 7.0 per cent this year and next year.
"India faces some challenges - particularly from rising prices that the government and the central bank will have to consider carefully as they assess the policy," Lee said.
The ADB said its growth forecast for the Pacific was unchanged at 2.8 per cent in 2009 and 3.1 per cent in 2010.
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