Subscribe free to our newsletters via your
. Space Travel 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
H-IIB Launch Service Privatization

Ariane rocket launches two telecom satellites

Ariane 5 maintains Arianespace's track record of success with the launch of ASTRA 2F and GSAT-10

California Governor Signs the Spaceflight Liability and Immunity Act

POLITICAL ECONOMY
Near Possible Target for Use of Arm Instruments

Rock Grinding Action

Learning to live on Mars

Mars Rover Opportunity Working at 'Matijevic Hill'

POLITICAL ECONOMY
China has no timetable for manned moon landing

Senior scientist discusses China's lunar orbiter challenges

NASA sees 'gateway' for space missions

Protection for Moon, Mars astronauts eyed

POLITICAL ECONOMY
Sharpest-ever Ground-based Images of Pluto and Charon: Proves a Powerful Tool for Exoplanet Discoveries

The Kuiper Belt at 20: Paradigm Changes in Our Knowledge of the Solar System

e2v To Supply Large CMOS Imaging Sensors For Imaging Kuiper Belt Objects

Fly New Horizons through the Kuiper Belt

POLITICAL ECONOMY
The Magnetic Wakes of Pulsar Planets

Stagnant Interiors Suppress Chances of Life on Super-Earths

Meteors Might Add Methane to Exoplanet Atmospheres

Two 'hot Jupiters' found in star cluster: NASA

POLITICAL ECONOMY
Australian hypersonic test a success

ORBITEC Has Real "Vision" For Its New AUSEP Rocket Engine

NASA Selects Space Launch System Advanced Development Proposals

Space formula of Konstantin Tsiolkovsky

POLITICAL ECONOMY
China Spacesat gets 18-million-USD gov't support

Tiangong Orbit Change Signals Likely Date for Shenzhou 10

China Focus: Timeline for China's space research revealed

China eyes next lunar landing as US scales back

POLITICAL ECONOMY
A New Dawn For NASA's Asteroid Explorer

Troughs Suggest Stunted Planetary Development Of Vesta

Mysterious Case of Asteroid Oljato's Magnetic Disturbance

Asteroid's Troughs Suggest Stunted Planet




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