ADB official urges Asian integration to tackle challenges
31/7/2008 17:31
Asian countries should integrate to tackle the downside risks and policy
challenges they face, said a leading Asian Development Bank (ADB)
official.
ADB Vice President Lawrence Greenwood made the comment yesterday as
he addressed a forum on Pan-Beibu Gulf Economic Cooperation in Beihai, a port
city in southwest China's Guangxi Zhuang Autonomous Region.
Greenwood
mentioned several risks: a sharper than expected slowdown in the United States
and other developed economies, global financial instability and rising
inflation.
"We estimate that a one percent reduction in US growth will
translate into a 0.5 percent drop in aggregate growth in Asia," said Greenwood.
He added that rising inflation might be the biggest risk for Asia at
present.
He said growth in Asia's emerging economies would slow this year
from 2007. Overall, growth for such economies would be about 7.6 percent, with
China expanding about 10 percent.
The two-day forum opened yesterday.
Pan-Beibu economic cooperation involves seven countries: China, Vietnam,
Malaysia, Singapore, Indonesia, the Philippines and Brunei.
Xinhua
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