Thursday, December 11, 2008


IWS Documented News Service
Institute for Workplace Studies----------------- Professor Samuel B. Bacharach
School of Industrial & Labor Relations
-------- Director, Institute for Workplace Studies
Cornell University
16 East 34th Street, 4th floor
---------------------- Stuart Basefsky
New York, NY 10016
-------------------------------Director, IWS News Bureau

Asian Development Bank (ADB)

[full-text, 79 pages]

The Asia Economic Monitor (AEM) is a semiannual review of emerging East Asia's growth and policy issues. It covers the 10 members of the Association of Southeast Asian Nations; People's Republic of China; HongKong, China; Republic of Korea; and Taipei,China. This issue includes a special chapter on the impact of the global financial crisis on emerging East Asia's financial systems.

For emerging East Asia, 2009 will be a difficult year but it will be manageable if countries respond decisively and collectively, says the December issue of Asia Economic Monitor. This report includes growth forecasts and emerging policy issues for emerging East Asia.

Press Release 11 December 2008
Slowdown in Growth, Difficult Year Ahead for Developing Asia, Says ADB

HONG KONG, CHINA - Economic growth in developing Asia will slow to 5.8% in 2009, down from a likely 6.9% this year and 9% in 2007, as the impact of the global financial crisis spreads to emerging markets, says a new report from the Asian Development Bank.

With the global economy facing a major downturn, the region's economic resilience will be tested by weakening exports and a sharp slowdown of private capital flows, according to the December issue of <>Asia Economic Monitor (AEM).

"2009 is likely to be a difficult year for developing Asia but it will be manageable if countries respond decisively and collectively," says Jong-Wha Lee, Head of ADB's Office of Regional Economic Integration (OREI).

"Swift action by policymakers to stem both the threat to the financial systems and the real economy will allow most of the region's economies to sustain a healthy if slower expansion."

The AEM says that maintaining the growth momentum in domestic demand is key to keeping the regional economy in relatively good shape amid a weakening external environment.

Economic growth in emerging East Asia - defined as the 10 Association of South East Asia Nations (ASEAN) plus the People's Republic of China (PRC); Hong Kong, China; Taipei,China; and the Republic of Korea - will slow to 5.7% in 2009 down from 6.9% percent in 2008.

The PRC, the region's growth engine, is expected to moderate to 8.2% in 2009 from 9.5% in 2008 even as the government has undertaken measures to spur domestic demand to offset a slowdown in exports and private investment growth.

Further clouding the outlook is a deeper, more prolonged global recession creating persistent stress on the region's financial systems.


This information is provided to subscribers, friends, faculty, students and alumni of the School of Industrial & Labor Relations (ILR). It is a service of the Institute for Workplace Studies (IWS) in New York City. Stuart Basefsky is responsible for the selection of the contents which is intended to keep researchers, companies, workers, and governments aware of the latest information related to ILR disciplines as it becomes available for the purposes of research, understanding and debate. The content does not reflect the opinions or positions of Cornell University, the School of Industrial & Labor Relations, or that of Mr. Basefsky and should not be construed as such. The service is unique in that it provides the original source documentation, via links, behind the news and research of the day. Use of the information provided is unrestricted. However, it is requested that users acknowledge that the information was found via the IWS Documented News Service.

Stuart Basefsky                   
Director, IWS News Bureau                
Institute for Workplace Studies 
Cornell/ILR School                        
16 E. 34th Street, 4th Floor             
New York, NY 10016                        
Telephone: (607) 255-2703                
Fax: (607) 255-9641                       

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