“Growth in Asia's developing nations will almost halve this year, the Asian Development Bank (ADB) said…. ADB said Asia's developing economies would expand by just 3.4 percent in 2009, down from the 6.3 percent seen last year and 9.5 percent in 2007. The slowdown will mean more than 60 million people in the region will remain mired in poverty, the bank said in its annual Asian Development Outlook….” [Agence France Presse/Factiva]
FT adds that “…the forecast revision follows a plunge in exports starting in the fourth quarter. While some Asian countries have recently slowed down the decline in exports, the ADB's acting Chief Economist Lee Jong-Wha suggested that it was too early to say whether Asia's slowdown had bottomed out. ‘As long as the global contraction in industrialized countries prevails, we will see bad numbers coming from Asia over 2009,’ Lee said….” [The Financial Times (UK)/Factiva]
However, AP writes that Lee added that “…Asia's governments are in a better position to respond to the global crisis thanks to their massive surpluses and have limited its impact by taking quick action. ‘Large foreign currency reserves and steadily declining inflation rates will provide policymakers with the necessary tools to nurse their economies through the hard times ahead,’ the ADB's statement said….” [Associated Press/Factiva]
FT adds that “…the forecast revision follows a plunge in exports starting in the fourth quarter. While some Asian countries have recently slowed down the decline in exports, the ADB's acting Chief Economist Lee Jong-Wha suggested that it was too early to say whether Asia's slowdown had bottomed out. ‘As long as the global contraction in industrialized countries prevails, we will see bad numbers coming from Asia over 2009,’ Lee said….” [The Financial Times (UK)/Factiva]
However, AP writes that Lee added that “…Asia's governments are in a better position to respond to the global crisis thanks to their massive surpluses and have limited its impact by taking quick action. ‘Large foreign currency reserves and steadily declining inflation rates will provide policymakers with the necessary tools to nurse their economies through the hard times ahead,’ the ADB's statement said….” [Associated Press/Factiva]
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