ADB Raises Growth Outlook For Developing Asia

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Tuesday, the Asian Development Bank raised its economic outlook for developing Asia after third-quarter data showed a better-than-expected performance by many nations in the region. Developing Asia is expected to grow 4.5% in 2009 and 6.6% in 2010. That marks an increase from the 3.9% and 6.4% it predicted in September.

"The global economic situation is changing rapidly, necessitating frequent reassessments. The prospects for much of the region look rosier than they did in September when we last did a full study of the region," Jong-Wha Lee, ADB's Chief Economist said.

Developing Asia comprises 45 member countries of ADB and covers Central Asia, East Asia, South Asia, Southeast Asia and the Pacific. In a special assessment of the region, the Manila-based bank said Central Asia is likely to grow more slowly in 2009 than previously expected mainly due to persistent economic weakness in Armenia.

Today, ADB also published the Asia Economic Monitor, a study of the 14 economies of emerging East Asia. The ADB said the 14 economies of emerging East Asia will grow 4.2% this year and 6.8% in 2010. That was larger than the 3.6% and 6.5% respectively forecast for the region in September.

Tuesday, the Asian Development Bank raised its economic outlook for developing Asia after third-quarter data showed a better-than-expected performance by many nations in the region. (Market News Provided by RTTNews)