The Asian Development Bank said that Asian economies will expand at a faster than expected pace during this year and next year as economic growth in China, India and Indonesia is accelerating. The bank expected that Asia excluding Japan will grow 3.9% in 2009 compared with prior estimates of 3.4% in March, while in 2010 Asia would grow 6.4%.
The ADB said that this is not the proper time for ending the exceptional policies as recovery remains fragile and downside risks are founded. The ADB expected China to expand 8.2% this year compared with prior forecasts of 7%, while South Korea is expected to shrink 2% this year. As for Indonesia it is expected to expand 4.3% in 2009, from a previously estimated 3.6%.