Weak Global Recovery Clouds Asian Outlook

Manila Bulletin, October 15, 2009 | Go to article overview

Weak Global Recovery Clouds Asian Outlook


WASHINGTON, Oct. 15 (AFP) – Asia may be leading the world's recovery from recession but its growth prospects are still clouded by the fragile global economic situation, the Asian Development Bank's top economist said Wednesday.The bank has projected ''very optimistic'' rates of growth in 2010 for the region but they could be dampened by a weak global recovery, especially in the industrialized nations, and premature government strategies to exit from recession, chief economist Lee Jong-Wha said at a forum in Washington.''The question is whether recovery will be sustained in 2010 and beyond...the outlook still remains uncertain, especially the downside risks which may come from a protracted global slowdown and which will delay the region's full recovery,'' he said.The Manila-based ADB had recently forecast that developing Asian economies, led by China and India, will grow by an average 6.4 percent in 2010 from about 3.9 percent this year.''So, even though we are now leading the recovery, there is no room for complacency because global recovery seems to be in the near term very weak,'' said Lee, a Harvard-educated South Korean who is chief spokesperson for ADB on economic forecasts and trends. …

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