Asia remains strong: ADB chief
Play
Asia demonstrates the strength to withstand the global crisis, sparked by the Euro Area debt crisis, with average economic growth of 6.6 per cent this year, said Asian Development Bank's chief.
At the Thailand-ADB-IMF conference today, Haruhiko Kuroda,president of Asian Development Bank (ADB) said that he agreed with the consensus that the Euro Area would show a slightly minus growth this year, which could be followed by slightly positive growth next year.
Under the turbulence, Asia has "fiscal and monetary space" to cope with the spill-over imipacts, with different levels of resilience.
Thailand is to achieve accelerating growth rate this year, with gross domestic production (GDP) to expand 5.5 per cent up from 0.1 per cent last year. Private consumption and investment is very strong, he told press conference.
Meanwhile, he said that China's economy will show the growth rate of 8.2 per cent, though slowing down from April's forecast of 8.5 per cent. Next year China will grow 8.7 per cent, he said.
Developing Asia as a whole will grow 6.6 per cent in 2012 and 7.1 per cent in 2013, lower than the 6.9 per cent and 7.3 per cent forecast in ADB's Asian Development Outlook published in April, he added.
