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ADB revises upwards developing Asia`s economic growth forecast
Manila, Sept 30: The Asian Development Bank (ADB) today maintained its 5.3 per cent growth outlook for Asia and the Pacific this year despite the effects of the SARS outbreak and revised upwards its forecast for the region in 2004.
Manila, Sept 30: The Asian Development Bank (ADB) today maintained its 5.3 per cent growth outlook for Asia and the Pacific this year despite the effects of the SARS outbreak
and revised upwards its forecast for the region in 2004.
In its updated Asian development outlook report, the Manila-based ADB said the region would chalk up an aggregate Gross Domestic Product (GDP) growth of 6.1 per cent in 2004,
up from an earlier forecast of 5.9 per cent.
"Despite significant economic shocks linked to the conflict in Iraq, higher oil prices, and the outbreak of the Severe Acute Respiratory Syndrome (SARS) epidemic, growth in the Asia and Pacific region continued to be robust during the first three quarters of 2003," ADB chief economist Ifzal Ali said in the report. He said the achievement was "remarkable" as it occurred despite a weaker that expected recovery in the major industrial countries in the first half of 2003.
The report tracked the GDP growth of the region's 41 developing member countries of the bank.
ADB said the higher GDP growth forecast for 2004 were credited mainly to the strong performance of China as well as to significant improvement in key Southeast Asian countries, like Singapore and Thailand. China and Singapore were among economies worst hit by the SARS epidemic earlier this year.
The impact of SARS on the region was "relatively limited," with affected countries rebounding rapidly, bringing an improved forecast for economic growth this year, the ADB said.
Bureau Report
"Despite significant economic shocks linked to the conflict in Iraq, higher oil prices, and the outbreak of the Severe Acute Respiratory Syndrome (SARS) epidemic, growth in the Asia and Pacific region continued to be robust during the first three quarters of 2003," ADB chief economist Ifzal Ali said in the report. He said the achievement was "remarkable" as it occurred despite a weaker that expected recovery in the major industrial countries in the first half of 2003.
The report tracked the GDP growth of the region's 41 developing member countries of the bank.
ADB said the higher GDP growth forecast for 2004 were credited mainly to the strong performance of China as well as to significant improvement in key Southeast Asian countries, like Singapore and Thailand. China and Singapore were among economies worst hit by the SARS epidemic earlier this year.
The impact of SARS on the region was "relatively limited," with affected countries rebounding rapidly, bringing an improved forecast for economic growth this year, the ADB said.
Bureau Report