Slower rise expected for Asia's economy
Source: Agencies |
December 8, 2012, Saturday
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Print Edition
Print Edition
ECONOMIC growth throughout much of Asia next year will continue to be weighed down by weak export demand from major industrial economies and China, the Asian Development Bank said yesterday.
The Manila-based ADB said Asia's economies excluding Japan will grow 6 percent this year and 6.6 percent in 2013. Both figures are 0.1 percentage point lower than anticipated in October.
"Enduring debt problems and economic weakness in Europe and the looming fiscal cliff in the United States remain very real threats to developing Asia next year," ADB Chief Economist Changyong Rhee said.
Surprising slower growth in India, South Korea and the two largest Central Asian economies, Azerbaijan and Kazakhstan, slightly outweigh the more rapid expansion in other economies in the region, such as the Philippines and Malaysia.
The ADB said China's rebound in industrial production means its economy should expand as anticipated - 7.7 percent in 2012 and 8.1 percent in 2013.
Weak external demand from major industrial nations and China continues to weigh down East Asia. The ADB revised growth prospects for the region from 6.5 percent to 6.4 percent in 2012, and from 7.1 percent to 7 percent in 2013.
South Korea grew 1.6 percent in the third quarter from a year ago, its slowest growth since the third quarter of 2009.
Overall growth in Southeast Asia may hit 5.3 percent in 2012 and 5.5 percent in 2013. The top five regional economies - Indonesia, Singapore, Malaysia, Thailand and the Philippines - will grow 5.9 percent this year and 5.8 percent in 2013.
The Manila-based ADB said Asia's economies excluding Japan will grow 6 percent this year and 6.6 percent in 2013. Both figures are 0.1 percentage point lower than anticipated in October.
"Enduring debt problems and economic weakness in Europe and the looming fiscal cliff in the United States remain very real threats to developing Asia next year," ADB Chief Economist Changyong Rhee said.
Surprising slower growth in India, South Korea and the two largest Central Asian economies, Azerbaijan and Kazakhstan, slightly outweigh the more rapid expansion in other economies in the region, such as the Philippines and Malaysia.
The ADB said China's rebound in industrial production means its economy should expand as anticipated - 7.7 percent in 2012 and 8.1 percent in 2013.
Weak external demand from major industrial nations and China continues to weigh down East Asia. The ADB revised growth prospects for the region from 6.5 percent to 6.4 percent in 2012, and from 7.1 percent to 7 percent in 2013.
South Korea grew 1.6 percent in the third quarter from a year ago, its slowest growth since the third quarter of 2009.
Overall growth in Southeast Asia may hit 5.3 percent in 2012 and 5.5 percent in 2013. The top five regional economies - Indonesia, Singapore, Malaysia, Thailand and the Philippines - will grow 5.9 percent this year and 5.8 percent in 2013.
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