The Asian Development Bank, citing a slump in global demand, cut the growth forecast for developing Asia to 6.1 percent in 2012 and 6.7 percent in 2013. The forecast announced by the Manila-based bank in its Outlook 2102 was revised down from its earlier one in which it called for 6.9 percent in 2012 and 7.3 percent in 2013. The region registered growth of 7.2 percent in 2011. The bank said after years of rapid growth, "the region must brace for a prolonged period of moderate expansion amidst an ongoing slump in global demand." ADB's chief economist, Changyong Rhee, said countries in developing Asia also will need to do more to reduce reliance on exports, rebalance their sources of growth, and increase their productivity and efficiency. "These measures are critical if the region is to continue lifting its people out of poverty," he said. The report said the deceleration of the region's two giants, China and India, has come about in tandem with the global slowdown for any early optimism. It warned the sovereign debt crisis in the eurozone and the looming fiscal cliff in the United States could have "disastrous spillovers" in the rest of the world, especially developing Asia. On the plus side, the report said the Asian slowdown is likely to ease price pressures, with inflation falling from 5.9 percent in 2011 to 4.2 percent in both 2012 and 2013, provided there are no spikes in international food and fuel prices. The ADB said China's GDP is forecast to grow 7.7 percent this year and 8.1 percent in 2013, down from 9.3 percent in 2011. India's GDP was forecast to slow to 5.6 percent this year from 6.5 percent in 2011.
GMT 17:19 2018 Thursday ,11 January
China factory gate inflation slows to 13-month lowGMT 17:50 2018 Wednesday ,10 January
German industrial output rebounds in NovemberGMT 17:39 2018 Wednesday ,10 January
Samsung tips record Q4 operating profit of more than $14 bnGMT 17:29 2018 Tuesday ,09 January
German industrial orders dip in NovemberGMT 15:36 2018 Thursday ,04 January
China factory activity accelerated in December: CaixinGMT 13:33 2018 Wednesday ,03 January
Turkey inflation rate eases but still stubbornly high in DecemberGMT 16:27 2018 Monday ,01 January
China manufacturing activity slows in DecemberGMT 17:36 2017 Sunday ,31 December
Spain to leave EU's deficit 'sin bin' next year: Rajoy
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Send your comments
Your comment as a visitor