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Economic growth in emerging East Asia will continue to moderate into 2012 as growing sovereign debt problems in Europe and an anemic U.S. economy raise the spectre of a deep global economic downturn, the Asian Development Bank (ADB) said Tuesday.
In the event that both the eurozone and the U.S. economies contract sharply, the impact on emerging East Asia would be serious yet manageable, said the ADB's latest Asia Economic Monitor.
"The turmoil emanating from Europe poses a growing danger to trade and finance within emerging East Asia; so the region's policymakers must be prepared to act promptly, decisively and collectively to counter what could be an extended global economic slowdown," said Iwan J. Azis, head of ADB's Office of Regional Economic Integration, which produced the report.
The semi-annual report released Tuesday assesses the 10 ASEAN economies -- Brunei Darussalam; Cambodia; Indonesia; Laos PDR; Malaysia; Myanmar; Philippines; Singapore; Thailand; and Vietnam - - as well as those of the People's Republic of China (PRC); Hong Kong, China; the Republic of Korea; and Taipei, China.
ADB cut its forecast for the region's growth in 2012 to 7.2 percent from the 7.5 percent forecast in the September Asian Development Outlook 2011 Update. Growth is still forecast at 7.5 percent for this year.
In the event that both the eurozone and the U.S. economies contract sharply, the impact on emerging East Asia would be serious yet manageable, said the ADB's latest Asia Economic Monitor.
"The turmoil emanating from Europe poses a growing danger to trade and finance within emerging East Asia; so the region's policymakers must be prepared to act promptly, decisively and collectively to counter what could be an extended global economic slowdown," said Iwan J. Azis, head of ADB's Office of Regional Economic Integration, which produced the report.
The semi-annual report released Tuesday assesses the 10 ASEAN economies -- Brunei Darussalam; Cambodia; Indonesia; Laos PDR; Malaysia; Myanmar; Philippines; Singapore; Thailand; and Vietnam - - as well as those of the People's Republic of China (PRC); Hong Kong, China; the Republic of Korea; and Taipei, China.
ADB cut its forecast for the region's growth in 2012 to 7.2 percent from the 7.5 percent forecast in the September Asian Development Outlook 2011 Update. Growth is still forecast at 7.5 percent for this year.
Doesn't pay to forget anyone in a "global", crisis. Here's the link to the article.
