Asia is set to lead the world out of the global financial crisis in spite of the slow recovery in the US and Europe, according to the latest forecasts by the Asian Development Bank.
In a dramatic contrast to its view in March, when it slashed 2009 growth forecasts for Asia excluding Japan from 7.2 per cent to 3.4 per cent, the ADB on Tuesday said the region would grow more strongly than expected both this year and in 2010.
“Despite worsening conditions in the global economic environment, developing Asia is poised to lead the recovery from the worldwide slowdown,” said Jong-Wha Lee, the ADB's chief economist.
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