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Asian Economies More Resilient During Global Crisis than Expected - Report
Source: adb.org
Source Date: Thursday, August 19, 2010
Focus: Institution and HR Management
Created: Aug 23, 2010

NEW DELHI, INDIA - Asia has shown more resilience than initially expected to the global financial crisis, with major economies posting solid growth, even as demand for exports from the US and Europe slumped, says a new report from the Asian Development Bank (ADB).

Key Indicators for Asia and the Pacific 2010, ADB’s flagship annual statistical publication, says while gross domestic product (GDP) growth rates were broadly lower across the region in 2009, larger economies such as the People’s Republic of China (PRC) and India still managed to post healthy economic expansions, supported by government stimulus spending that helped offset export declines. In 2009, when the worst effects of the crisis were flowing through the global economy, PRC’s GDP grew 9.1% and India’s 7.4%; other strong performers include Bangladesh with growth of 5.7%, Viet Nam with 5.3%, and Indonesia with 4.5%.

The latest edition of Key Indicators contains wide ranging economic statistics that closely track the impact of the global crisis through the second half of 2008 and into 2009, and enable clear comparisons with the pre-crisis years up to 2007.

“Data comparisons show that the crisis did not have as serious an impact on Asia and the Pacific as had been initially feared in 2008, but it did interrupt the strong growth trends seen before 2007 and its cost can be measured in the gains foregone in the slowdown,” said ADB President Haruhiko Kuroda in the report’s foreword.

The data notes that private consumption as a percentage of GDP in developing Asia remains relatively low compared to developed countries, while household savings rates are generally high, suggesting that governments in the region have scope to promote more social protection schemes that can encourage domestic spending and reduce dependence on exports, helping to rebalance growth.

The statistics also show that the Asia and Pacific region has the largest share of global GDP measured in purchasing power parity (PPP) terms at around 33%, with Europe accounting for 28%, and North America 24%, while six of the world’s top 20 economies, in GDP at PPP terms, come from Asia. At the same time, the data shows that output in the region is dominated by just three countries—PRC, India, and Japan—which collectively produce 70% of the total. In terms of capital formation, PRC and India lead the way, and in the long run this should see them continuing to grow at faster rates than other large economies in the region.
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