Asia To Spearhead World Economic Growth In 2012: ADB (27-Jan-2012)
Asian Development Bank (ADB) is of the view that Asian region will be power to world economy in 2012. Haruhiko Kuroda, head of ADB has said that Asian economies - excluding Japan, Australia and New Zealand - are likely to grow by around 7 % this year. Though the growth figures are down from 7.5 % in 2011 and 9% 2010 due to the global economic slowdown but the regional and domestic demand in Asia is still 'fairly robust'.
ADB chief further said that Asia had already been affected by the ongoing European financial crisis. Nonetheless, Asian economies had good internal and regional demand which would keep their economies moving. Kuroda predicted that China would continue to grow by more than 8%, followed by India at between 7-8 % and Indonesia at around 6.5%.
He further stated, that the Asian Development Bank or ADB has 48 members and while most developing countries have a strong financial sector and reasonably good public sector, some have serious fiscal deficits like Pakistan, where huge floods have devastated the economy. It has experienced double-digit inflation in the last two years and growth of only about 3%.
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