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Iwan J. Azis From Komfie Manalo, Opalesque Asia:
A sharp decline in both the U.S. and Eurozone economies could have serious but manageable effects on emerging East Asian nations, said the Asian Development bank in its latest Asia Economic Monitor.
"The turmoil emanating from Europe poses a growing danger to trade and finance within emerging East Asia; so the region’s policymakers must be prepared to act promptly, decisively, and collectively to counter what could be an extended global economic slowdown," said Iwan J. Azis, Head of ADB’s Office of Regional Economic Integration, which produced the report.
The semi-annual report released today assesses the 10 ASEAN economies – Brunei Darussalam; Cambodia; Indonesia; Laos PDR; Malaysia; Myanmar; Philippines; Singapore; Thailand; and Viet Nam – as well as those of the People’s Republic of China (PRC); Hong Kong, China; the Republic of Korea; and Taipei,China.
In a statement, ADB said that economic growth forecast in 2012 for East Asian economies would continue to be moderate as the spectre of a deep global economic slowdown persists due to the lingering sovereign debt issues in Europe and the slow U.S. economy.
The same report also reduced its 2012 growth forecast for the region to 7.2% from the 7.5% forecast in the September Asian Develop...................... To view our full article Click here
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