Asia set to weather storm as U.S. economy slows |
| International Herald Tribune - Sep 17, 2007 |
Developing Asian economies will expand faster than estimated in 2007 and 2008, and are expected to be able to weather any U.S. slowdown and turmoil in global credit markets, the Asian Development Bank said Monday.
Growth in Asia excluding Japan and Australia is predicted to be 8.3 percent this year, beating a March estimate of 7.6 percent, the Manila-based lender said in a report. The region will expand 8.2 percent in 2008, faster than an earlier forecast of 7.7 percent, according to the ADB, which is funded by governments to promote development in the region.
Rising incomes in China and India, the world's two fastest-growing major economies, are bolstering consumer and corporate spending. External debt has fallen since the 1997 Asian financial crisis while foreign-exchange reserves have risen sevenfold to $3.6 trillion, and the ADB said the region was better placed to cope with adverse developments.
Read Full Article from International Herald Tribune
- Posted: 2007-09-17 09:40:33
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