ID :
112209
Thu, 03/18/2010 - 00:12
Auther :
Shortlink :
https://www.oananews.org//node/112209
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ADB to raise 2010 growth projections for Asia+
TOKYO, March 17 Kyodo -
The Asian Development Bank is set to lift its 2010 growth forecast for
developing Asian countries from the current 6.6 percent, amid a pickup in
global trade, the bank's chief said Wednesday.
''Based on recent data, the recovery continues to gain traction in our
region,'' ADB President Haruhiko Kuroda said in a lecture in Tokyo. ''2010 is
looking to be a stronger year than previously expected.''
Kuroda said the bank ''will likely further revise upward'' projections for
developing Asian countries, excluding Japan and some other industrialized
countries in the region, when it releases the latest Asian Development Outlook
report in April.
He said reviving demand from Europe, Japan and the United States, coupled with
continued growth by Asian powerhouses such as China, have helped increase trade
in the Asia-Pacific region.
In December, the Manila-based bank predicted gross domestic product in
developing Asian countries would expand to 6.6 percent, up from its previous
estimate of 6.4 percent in September.
Kuroda, speaking at the Foreign Correspondents' Club of Japan, however,
reminded that signs of economic improvements are dependent largely on stimulus
measures.
He also warned that there remain many downside risks that could jeopardize
steady growth, including the Greek debt crisis and inflation in China.
''There is concern that the large increases in bank lending in 2009 (in China)
may be creating asset bubbles, particularly as property prices continue to
soar,'' said Kuroda, Japan's former top financial diplomat who has been heading
the bank since 2004.
He expressed concerns that large-scale nonperforming loans could pile up in
China as banks there ''may have unwittingly relaxed underwriting standards.''
As for Japan, Kuroda said one of the biggest challenges is overcoming
deflation, and there is also room for the Bank of Japan to play a further role
in stemming continued price falls.
Under such circumstances, he said individuals and companies will find it
difficult to increase their spending.
''This is a unique situation in Japan, and I think the central bank in the
country is required (to make) further efforts to eradicate this deflationary
trend from the Japanese economy,'' he said.
==Kyodo
The Asian Development Bank is set to lift its 2010 growth forecast for
developing Asian countries from the current 6.6 percent, amid a pickup in
global trade, the bank's chief said Wednesday.
''Based on recent data, the recovery continues to gain traction in our
region,'' ADB President Haruhiko Kuroda said in a lecture in Tokyo. ''2010 is
looking to be a stronger year than previously expected.''
Kuroda said the bank ''will likely further revise upward'' projections for
developing Asian countries, excluding Japan and some other industrialized
countries in the region, when it releases the latest Asian Development Outlook
report in April.
He said reviving demand from Europe, Japan and the United States, coupled with
continued growth by Asian powerhouses such as China, have helped increase trade
in the Asia-Pacific region.
In December, the Manila-based bank predicted gross domestic product in
developing Asian countries would expand to 6.6 percent, up from its previous
estimate of 6.4 percent in September.
Kuroda, speaking at the Foreign Correspondents' Club of Japan, however,
reminded that signs of economic improvements are dependent largely on stimulus
measures.
He also warned that there remain many downside risks that could jeopardize
steady growth, including the Greek debt crisis and inflation in China.
''There is concern that the large increases in bank lending in 2009 (in China)
may be creating asset bubbles, particularly as property prices continue to
soar,'' said Kuroda, Japan's former top financial diplomat who has been heading
the bank since 2004.
He expressed concerns that large-scale nonperforming loans could pile up in
China as banks there ''may have unwittingly relaxed underwriting standards.''
As for Japan, Kuroda said one of the biggest challenges is overcoming
deflation, and there is also room for the Bank of Japan to play a further role
in stemming continued price falls.
Under such circumstances, he said individuals and companies will find it
difficult to increase their spending.
''This is a unique situation in Japan, and I think the central bank in the
country is required (to make) further efforts to eradicate this deflationary
trend from the Japanese economy,'' he said.
==Kyodo
