Economic growth in developing Asia is expected to ease to just 3.4% this year from 6.3% last year, the Asian Development Bank or ADB said in a report on Tuesday. The outlook for the region will improve to 6% next year, provided the global economy experiences a mild recovery.
According to ADB's annual economic publication, Asian Development Outlook 2009, Developing Asia's economic growth will slow in 2009 to its most sluggish pace since the 1997/1998 Asian financial crisis.
In the December issue of Asian Economic Monitor, the ADB said annual economic growth will slow to 5.8% in 2009 as the impact of the global financial crisis spreads to emerging markets.
Though the short term outlook for the region is bleak, the region is in a much better position to cope with this crisis than it was in 1997/98, the Manila based institution said today.
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