Asian economies resilient amid crisis: ADB report

16:40, August 19, 2010      

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Asian economies proved to be resilient, posting modest growth even amid last year's global slowdown, the Asian Development Bank (ADB) said Thursday.

According to the Key Indicators for Asia and the Pacific 2010, ADB's flagship annual statistical publication, while gross domestic product (GDP) growth rates were broadly lower across the region in 2009, larger economies such as China and India still managed to post healthy economic expansions.

The ADB said government stimulus spending offset losses from declining exports.

China, which is now the world's second largest economy, posted a 9.1 percent growth in 2009. Another Asian powerhouse, India, posted a 7.4 percent GDP growth rate.

Other strong performers include Bangladesh with a growth rate of 5.7 percent, Vietnam with 5.3 percent, and Indonesia with 4.5 percent.

The ADB said that output in the region is dominated by just three countries. China, India, and Japan collectively produce 70 percent of the total.

"In terms of capital formation, China and India lead the way, and in the long run this should see them continuing to grow at faster rates than other large economies in the region, " ADB said.

The Manila-based lender said private consumption as a percentage of GDP in developing Asia remains relatively low compared to industrialized countries.

Household savings rates, however, are generally high. The ADB proposed that governments in the region can encourage domestic consumption by promoting more social protection schemes. Increased domestic spending will cut dependence on exports, helping to rebalance growth, according to the ADB.



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