September 22, 2009

Asian Development Bank sees higher growth

The Asian Development Bank, noting developing Asia's economic resilience, revised the region's 2009 economic growth forecast to 3.9 percent from 3.4 percent.

Developing Asia is proving to be more resilient to the global downturn than was initially thought, the bank, based in Manila, said in its updated annual economic publication.

The previous forecast was issued in March.

The Asian growth projection for 2010 was also revised upward, from 6 percent to 6.4 percent.

Despite worsening conditions in the global economic environment, developing Asia is poised to lead the recovery from the worldwide slowdown, said ADB Chief Economist Jong-Wha Lee, a bank news release said.

The improved outlook was credited to firm action by many governments and central banks, the relatively healthy state of financial systems prior to the global crisis, and the rapid turnaround in the region's larger, less export-dependent economies.

The bank said China's economy is expected to grow by 8.2 percent in 2009, up from the previous forecast of 7 percent. Similarly, the Indian economy is expected to expand 6 percent, up from the previous estimate of 5 percent.