ADB:
East Asia economies recovering at faster pace
" Why
should the PHILIPPINES be the ASIAN DEVELOPMENT
BANK? "
Other ASEAN countries can handle the ADB better if NEW DELHI ,
INDIA take over the leadership of this bank it will be to the
benefit of ASIAN countries...
(philstar.com)
Updated December 15, 2009 02:06 PM <!-- start of photo
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MANILA, Philippines (AP) – East Asia's emerging
economies are rebounding from the global recession faster than
anticipated, the Asian Development Bank said Tuesday, as it raised
growth forecasts for the region.
The Manila-based lender said it expects growth of 4.2 percent
this year and 6.8 percent in 2010. That's up from the
bank's earlier
forecasts of 3.6 percent and 6.5
percent. Emerging East Asia comprises 10 Southeast Asian countries
plus China, Hong Kong, South Korea and Taiwan.
The recovery has been aided by government stimulus spending and
improving exports though the pace of the rebound varies widely, the
ADB said. Less open economies in
Southeast Asia were partly insulated from the
global crisis but are not expected to recover strongly either, it
said.
China, buoyed by massive stimulus spending and easy credit,
recorded by far the strongest recovery, growing 8.9 percent in the
third quarter. The ADB maintained its growth forecast for China at
8.2 percent this year and 8.9 percent in 2010.
Middle-income Southeast Asian economies — Indonesia, Malaysia,
the Philippines,
Thailand and Vietnam — expanded 1.2
percent in the third quarter. The combined gross domestic product
of newly industrialized nations Hong Kong, South Korea, Singapore
and Taiwan contracted slightly by 0.1 percent — a turnaround from
the 6.3 percent contraction in the first quarter of 2009.