Free Newsletters - Space - Defense - Environment - Energy - Solar - Nuclear
..
. Earth Science News .




POLITICAL ECONOMY
ADB cuts growth forecasts for developing Asia
by Staff Writers
Hong Kong (AFP) Oct 3, 2012


The Asian Development Bank Wednesday slashed its growth estimates for the region's emerging economies to the lowest level since 2009, citing a slowdown in powerhouses China and India.

The bank also warned of significant risks caused by the effects of the European debt crisis and continued weakness in the United States, both of which are major export markets.

China's gross domestic product (GDP) was tipped to expand 7.7 percent this year before bouncing back to 8.1 percent in 2013, but still well below the 9.3 percent achieved last year, the bank said in an update to its Asian Development Outlook 2012 report.

India would see GDP growth slow to 5.6 percent in 2012 before picking up to 6.7 percent next year.

"Dimming global growth prospects and soft domestic demand in the region's two largest economies are slowing the pace of developing Asia's expansion," the Manila-based lender said.

The bank cut its 2012 growth forecast for developing Asia, which comprises 45 nations, from 6.9 percent in April to 6.1 percent -- the lowest since 2009 when the region expanded 6.0 percent.

It also revised downward the 7.3 percent growth outlook for 2013 to 6.7 percent. The region expanded 7.2 percent in 2011.

"Developing Asia is slowing down much more than we expected," ADB chief economist Changyong Rhee told reporters in Hong Kong as the bank released the report.

"The years of two-digit growth in Asia are coming to an end," he said, but added that there was no need for "panic".

"This is a natural adjustment to a more sustainable growth pace," he said.

The eurozone debt crisis and a looming fiscal cliff in the United States -- a predicted huge cut in the budget deficit and corresponding slowdown in the economy -- could have "disastrous spillovers" to the rest of the world, and remain the biggest risks for emerging Asia, he said.

Rhee added that the region -- long seen as an oasis of opportunity on the gloomy global economic landscape -- "must brace for a prolonged period of moderate expansion" after years of rapid growth.

He urged countries to diversify their revenue sources, paying particular attention to job-creating services. The service sector accounted for almost half the region's GDP in 2010.

East Asia was still the fastest-growing sub-region, with forecast growth of 6.5 percent this year and 7.1 percent in 2013.

Growth in Southeast Asia would be resilient, mainly due to Thailand's recovery from the severe flooding in 2011 and higher government spending in Malaysia and the Philippines.

"Overall we are very optimistic that Asia will maintain its growth momentum, even though we may not be able to expect two-digit growth rates as we have seen in the past two decades," Rhee said in a statement on the ADB's website.

The ADB said the projected slowdown however was likely to ease price pressures, with inflation expected to fall from 5.9 percent in 2011 to 4.2 percent in 2012 and 2013, if there are no spikes in commodity prices.

.


Related Links
The Economy






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle




Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News





POLITICAL ECONOMY
China, Japan 'too important' for row: IMF chief
Tokyo (AFP) Oct 3, 2012
The shaky global economy needs Japan and China to be fully engaged, the head of the IMF said, warning the world could not afford to have the two countries distracted by their bitter territorial dispute. The warning came as the Asian Development Bank (ADB) slashed its growth estimates for the continent, saying the days of double-digit expansion were over. Speaking to Japanese media ahead ... read more


POLITICAL ECONOMY
Hong Kong seeks answers after deadly ferry crash

18 school children buried in China landslide

World facing unprecedented refugee crisis: UNHCR

Twenty-five killed in Hong Kong ferry collision: official

POLITICAL ECONOMY
HP stock sinks with slow turnaround

Malaysia hearing on Australia rare earths plant postponed

Ancient stinging nettles reveal Bronze Age trade connections

Probing the mysteries of cracks and stresses

POLITICAL ECONOMY
Now in Science: It's not too late for troubled fisheries

White shark diets vary with age and among individuals

Australia admits neglect of Great Barrier Reef

New clues about ancient water cycles shed light on US deserts

POLITICAL ECONOMY
Australian tycoon fined for Arctic party cruise

Study: Arctic warming faster than before

Rudolph unfed loathes rain, dear

Melting Arctic ice cap at record low

POLITICAL ECONOMY
Mother of cultivated rice came from China's Pearl River

Sandia probability maps help sniff out food contamination

An Old Pest Reemerges in Organic Orchards

Bhutan aims to be first 100% organic nation

POLITICAL ECONOMY
Typhoon Maliksi nearing Japan's northeast

Nigeria seasonal floods kill 148: Red Cross

Powerful typhoon hits Japan mainland

Typhoon Jelawat on course to hit mainland Japan

POLITICAL ECONOMY
Nigeria seeks to end the curse of unfinished projects

Ivory Coast opens first major trial of soldiers in political crisis

France to facilitate Mali anti-rebel force

One-third of Lesotho faces food crisis: UN food agency

POLITICAL ECONOMY
Compelling evidence that brain parts evolve independently

Anti-aging pill being developed

Human Brains Develop Wiring Slowly, Differing from Chimpanzees

Breaking up harder to do on Facebook




The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement