Monday, President of Asian Development Bank, Haruhiko Kuroda said the Asia and Pacific region must rebalance growth. To maintain growth over the long term, Asia will need to rebalance growth, placing more emphasis on domestic demand and consumption.
From a record growth of 9.5% in 2007, the region's aggregate growth is forecast to fall to 3.4% this year. In the opening session of the 42nd Annual Meeting in Bali, Kuroda said, With strong national and regional efforts, and a mild recovery expected in the global economy next year, developing Asia should bounce back to 6% growth in 2010.
The Annual Meeting follows a vote by its Board of Governors to triple ADB's capital base to US$165 billion from US$55 billion.
Kuroda stressed the importance of continuing to support the growth and poverty reduction measures in a speech focusing on the global crisis, economic rebalancing and environmental sustainability. He considers the crisis and climate change as the two major threats to poverty reduction in the region.
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