East Asia will experience its second slowest growth in decades, and the rebound in 2002 will also be subdued, according to a report by the Asian Development Bank (ADB).
"The 11 September attacks on the United States and subsequent events have introduced an additional element of uncertainty to the already weak global and regional economies," says the the Asia Economic Monitor (AEM), a quarterly report that replaces the Asia Recovery Report series, produced by ADB's Regional Economic Monitoring Unit (REMU).
Citing Consensus Economics forecasts, the report says GDP growth in East Asia, covering the ten-nation Association of Southeast Asian Nations (ASEAN), People's Republic of China, and Republic of Korea, will be 3.9 percent this year and 4.7 percent in 2002 - a drop of 0.5 and 1 percentage points, respectively, from the figures issued just before 11 September.
"The downturn has worsened in the wake of the attacks, but while this has set back Asia's recovery from the crisis of 1997, it has not derailed it," said Yoshihiro Iwasaki, head of REMU. …