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Asian economies more resilient during global crisis than expected: ADB | Asia has shown more resilience than initially expected to the global financial crisis, with major economies posting solid growth, even as demand for exports from the US and Europe slumped, says a new report from the Asian Development Bank (ADB). Key Indicators for Asia and the Pacific 2010, ADB's flagship annual statistical
publication, says while gross domestic product (GDP) growth rates were broadly
lower across the region in 2009, larger economies such as the People's Republic
of China (PRC) and India still managed to post healthy economic expansions, supported
by government stimulus spending that helped offset export declines. In 2009, when
the worst effects of the crisis were flowing through the global economy, PRC's
GDP grew 9.1 percent and India 's 7.4 percent other strong performers include
Bangladesh with growth of 5.7 percent, Vietnam with 5.3 percent, and Indonesia
with 4.5 percent. The latest edition of Key Indicators contains wide ranging economic
statistics that closely track the impact of the global crisis through the second
half of 2008 and into 2009, and enable clear comparisons with the pre-crisis years
up to 2007. "Data comparisons show that the crisis did not have as serious an
impact on Asia and the Pacific as had been initially feared in 2008, but it did
interrupt the strong growth trends seen before 2007 and its cost can be measured
in the gains foregone in the slowdown," said ADB President Haruhiko Kuroda in
the report's foreword. The data notes that private consumption as a percentage
of GDP in developing Asia remains relatively low compared to developed countries,
while household savings rates are generally high, suggesting that governments
in the region have scope to promote more social protection schemes that can encourage
domestic spending and reduce dependence on exports, helping to rebalance growth.
The statistics also show that the Asia and Pacific region has the largest share
of global GDP measured in purchasing power parity (PPP) terms at around 33%, with
Europe accounting for 28%, and North America 24 percent, while six of the world's
top 20 economies, in GDP at PPP terms, come from Asia . At the same time, the
data shows that output in the region is dominated by just three countries-PRC,
India , and Japan -which collectively produce 70% of the total. In terms of capital
formation, PRC and India lead the way, and in the long run this should see them
continuing to grow at faster rates than other large economies in the region. ADB,
based in Manila , is dedicated to reducing poverty in Asia and the Pacific through
inclusive economic growth, environmentally sustainable growth, and regional integration.
Established in 1966, it is owned by 67 members - 48 from the region. In 2009,
it approved a total of 16.1 billion dollars in financing operations through loans,
grants, guarantees, a trade finance facilitation program, equity investments,
and technical assistance projects. ADB also mobilized cofinancing amounting to
3.2 billion dollars. |
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