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06 December 2023

ADB likely to cut outlook for developing Asia

Haruhiko Kuroda (SUPPLIED)

By Reuters

The Asian Development Bank will likely cut its 2009 growth forecast for developing Asia again in its upcoming outlook in March, the president of the Manila-based international finance institution told a conference in Tokyo yesterday.

Given a much gloomier outlook issued recently by the International Monetary Fund, Haruhiko Kuroda said the ADB's regional growth forecast will likely undershoot one projected in December. In December, the ADB cut its growth forecasts for the region to an eight-year low of 5.8 per cent for 2009 from 6.9 per cent last year.

The ADB updates its forecasts twice a year, in April and September, but it issued an off-cycle update of its growth forecasts for the region as the global economy heads for a prolonged slowdown.