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Developing Asian countries are poised to lead the recovery from the global slowdown, the Asian Development Bank said in a report Tuesday. At the same time, the ADB raised the growth projections for region for the this year and the next.
The bank said Asian countries would grow 3.9% this year, upwardly revised from its earlier forecast of 3.4% growth in March. For the next year, the ADB expects the growth to be 6.4%, revised up from its 6% growth forecast in March.
The ADB's chief economist Jong-Wha Lee said, " Despite worsening conditions in the global economic environment, developing Asia is poised to lead the recovery from the worldwide slowdown".
In East Asia, the growth forecast for the current year is revised up to 4.4% from 3.6% earlier, with China to show a growth of of 8.2% in 2009 and 8.9% in 2010, up from the March forecast of 7% and 8% respectively. Further, the growth projection for South Asia for 2009 is raised to 5.6% from 4.8%.
However, the growth for Southeast Asian countries is projected to slow to 0.1% from the 0.7% forecasted earlier. Moreover, Central Asia is also projected to grow at a slower pace of 0.5% compared to the earlier forecast of a 3.9% growth.
The ADB said developing Asian countries should broaden its scope and structure of its openness and also reduce its vulnerability to external shocks to develop resilience. Moreover, it suggested promoting closer economic linkages within the region to achieve rapid yet stable growth.
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