ADB slashes growth forecasts for developing Asia
Linkedin

ADB slashes growth forecasts for developing Asia

Bangkok : Thailand | Oct 02, 2012 at 6:41 PM PDT
Source: Associated Press
XX XX
Views: Pending
 

After years of rapid growth, Asia's developing economies now face much more modest prospects and must refashion themselves to reduce dependence on exports, the Asian Development Bank said Wednesday in a report that slashes growth forecasts for this year and next. The ADB said growth in developing Asia, which includes giant emerging economies such as India, China and Indonesia, will slow to 6.1 percent this year from 7.2 percent last year and only partly rebound to 6.7 percent in 2013. It had previously forecast growth of 6.9 percent for 2012 and 7.3 percent for 2013...The Manila-based development lender said China, India and other developing countries in Asia must find ways to rev up their service sectors now that slowdowns in the U.S. and Europe have slashed Western appetite for Asian exports. "These measures are critical if the region is to continue lifting its people out of poverty," said ADB chief economist Changyong Rhee. Within the region, China is expected to grow 7.7 percent this year and 8.1 percent in 2013, a sharp drop from 9.3 percent in 2011. India's growth will slow to 5.6 percent in 2012, down from 6.5 percent in 2011...China and India lag far behind advanced economies in labor productivity, with service sectors focused on traditional industries such as wholesale and retail trade and transportation. High-end services, such as information and communications technology, account for less than 10 percent of Asia's service economy, far below the 20 percent to 25 percent in advanced economies, the report said. Additionally, regulatory barriers and restrictions hinder innovation and competition in many service sectors. "In India, for instance, a staggering 13 official bodies regulate higher education," the report said. "International experience shows that regulatory reform can catalyze competition and deliver significant economic benefits...The region must also undertake education reform to train a new generation of professionals, including business managers, engineers, lawyers, doctors, scientists and software specialists.

 
  • Clear
  • Share:
  • Share
  • Clear
  • Clear
  • Clear
  • Clear
 
  • Credibility
  • Wait... Flag
 
 
Advertisement
 

News Stories

 
  • ADB forecasts 6% growth

      BDNews24
    Dhaka, Oct 3 (bdnews24.com) Despite the government's expectation to achieve over 7 percent growth rate this fiscal, the Asian Development Bank (ADB) foreboded on Wednesday that Bangladesh's economy will grow by 6 percent. The Manila-based lender said...
  • ADB scales back Asian growth projection, but raises forecast for PHL

      GMA News
    39pm The Asian Development Bank has raised its 2012 growth forecast for the Philippines from 4.8 percent to 5.5 percent, even as it slashed its projections for other Asian countries and for the region as a whole. The ADB made this announcement with...
  • ADB Cuts GDP Forecast For China And India

      International Business Times
    The Asian Development Bank cut its 2012 and 2013 growth estimates for several developing countries in Asia Wednesday, citing weakness in global demand. The ADB cut its growth forecast for China to 7.7 percent from the previous 8.5 percent in 2012 and...
  • ADB cuts growth forecasts for developing Asia

      Channel NewsAsia
    The Asian Development Bank on Wednesday slashed its growth estimates for the region's emerging economies to the lowest level since 2009, citing a slowdown in powerhouses China and India. The bank also warned of significant risks caused by the effects...
  • ADB LOWERS India's growth projection to 5.6%

      India Abroad
    A s for India, it said that growth rate will decelerate to from 6.5 per cent in 2011-12 to 5.6 per cent in the current fiscal. ADB had earlier projected the country's growth rate at 7 per cent for 2012-13. The growth rate for 2013-14, according to...
  • Developing Asia braces for moderate growth: ADB

      The Nation
    B Economy Developing Asia braces for moderate growth: ADB The Nation October 3, 2012 2:00 pm Dimming global growth prospects and soft domestic demand in the region's two largest economies are slowing the pace of developing Asia's expansion, according...

More From Allvoices



Use of this site is governed by our Terms of Use Agreement and Privacy Policy.

© Allvoices, Inc. 2008-2014. All rights reserved. Powered by PulsePoint.