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Rising Asian prosperity to be sustained by new growth driver

By Prime Sarmiento (Xinhua)

17:01, May 03, 2012

MANILA, May 3 (Xinhua) -- Asia will be able to sustain its rising prosperity by relying on new growth drivers such as boosting local consumption and diversifying its export markets.

According to the recent Asian Development Bank (ADB) report presented Thursday, this will keep Asian economies resilient amid sluggish growth in the United States and Europe.

According to ADB's report entitled "How Can Asia Respond to Global Economic Crisis and Transformation," Asia can cope with renewed financial crisis and slow export demand from developed markets.

But the report stressed that long-term prosperity in the region will rely on domestic and regional markets as well as expanding ties with Latin America and Africa.

"This is the new normal," renowned economist Jeffrey Sachs told the Governors' Seminar at the 45th Annual ADB Meeting here.

With both the U.S. and Europe expected to have "slow and erratic growth", Sachs said that emerging Asian economies can't sustain their growth by continuing to export to their traditional markets. Rather, Asia has to boost domestic consumption and promote regional trade.

"There's an opportunity for Asia to find other export markets, other than the traditional ones and Africa, for example, an export market, because Africa is a continent of 1 billion people," Sachs said.

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