Tuesday, March 31, 2009
[IWS] ADB: ASIAN DEVELOPMENT OUTLOOK 2009: REBALANCING ASIA'S GROWTH [31 March 2009]
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)
Asian Development Outlook 2009: Rebalancing Asia's Growth [31 March 2009]
http://www.adb.org/Documents/Books/ADO/2009/default.asp
or
http://www.adb.org/Documents/Books/ADO/2009/ado2009.pdf
[full-text, 326 pages]
News Release
31 March 2009
Bleak Outlook for Developing Asia, But Region Can Cope with Crisis, Says ADB
http://www.adb.org/Media/Articles/2009/12839-asian-development-outlooks/default.asp
HONG KONG, CHINA Developing Asia's economic growth will slow in 2009 to its most sluggish pace since the 1997/1998 Asian financial crisis, the Asian Development Bank (ADB) says in a new major report.
ADB's flagship annual economic publication, < http://www.adb.org/Documents/Books/ADO/2009/>Asian Development Outlook 2009 (ADO 2009), released today, forecasts economic growth in developing Asia will slide to just 3.4% in 2009, down from 6.3% last year and 9.5% in 2007. If the global economy experiences a mild recovery next year, the outlook for the region will improve to 6% in 2010.
Deteriorating economic prospects will hinder the efforts to reduce poverty. With the slow growth, more than 60 million people in 2009, and close to 100 million people in 2010, will remain trapped in poverty living on less than US$1.25 a day - than would have been if growth had continued at its earlier pace.
"The short term outlook for the region is bleak as the full impact of the severe recession in industrialized economies is transmitted to emerging markets," says ADB Acting Chief Economist Jong-Wha Lee.
Despite the dismal outlook, the report says that the region is in a much better position to cope with this crisis than it was in 1997/98.
Large foreign currency reserves and steadily declining inflation rates will provide policymakers with the necessary tools to nurse their economies through the hard times ahead.
Many Asian governments have already responded quickly to the crisis with appropriate financial, monetary and fiscal policies and so far the impact on financial stability has been limited, the report adds.
But the report warns that there are significant downside risks to the global outlook, which could further impact on the already gloomy regional outlook.
AND MORE....
______________________________
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
E-mail: smb6@cornell.edu
****************************************
_______________________________
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)
Asian Development Outlook 2009: Rebalancing Asia's Growth [31 March 2009]
http://www.adb.org/Documents/Books/ADO/2009/default.asp
or
http://www.adb.org/Documents/Books/ADO/2009/ado2009.pdf
[full-text, 326 pages]
News Release
31 March 2009
Bleak Outlook for Developing Asia, But Region Can Cope with Crisis, Says ADB
http://www.adb.org/Media/Articles/2009/12839-asian-development-outlooks/default.asp
HONG KONG, CHINA Developing Asia's economic growth will slow in 2009 to its most sluggish pace since the 1997/1998 Asian financial crisis, the Asian Development Bank (ADB) says in a new major report.
ADB's flagship annual economic publication, < http://www.adb.org/Documents/Books/ADO/2009/>Asian Development Outlook 2009 (ADO 2009), released today, forecasts economic growth in developing Asia will slide to just 3.4% in 2009, down from 6.3% last year and 9.5% in 2007. If the global economy experiences a mild recovery next year, the outlook for the region will improve to 6% in 2010.
Deteriorating economic prospects will hinder the efforts to reduce poverty. With the slow growth, more than 60 million people in 2009, and close to 100 million people in 2010, will remain trapped in poverty living on less than US$1.25 a day - than would have been if growth had continued at its earlier pace.
"The short term outlook for the region is bleak as the full impact of the severe recession in industrialized economies is transmitted to emerging markets," says ADB Acting Chief Economist Jong-Wha Lee.
Despite the dismal outlook, the report says that the region is in a much better position to cope with this crisis than it was in 1997/98.
Large foreign currency reserves and steadily declining inflation rates will provide policymakers with the necessary tools to nurse their economies through the hard times ahead.
Many Asian governments have already responded quickly to the crisis with appropriate financial, monetary and fiscal policies and so far the impact on financial stability has been limited, the report adds.
But the report warns that there are significant downside risks to the global outlook, which could further impact on the already gloomy regional outlook.
AND MORE....
______________________________
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
E-mail: smb6@cornell.edu
****************************************
# posted by SBasefsky : 10:45 AM
