Article Side

Online Article Directory!

Hello Guest! Login or Register to submit articles!

Eurozone crisis to jeopardize growth in Asia ADB

By Ahtasham Ul Haq Subscribe to RSS | December 3rd 2011 | Views:
loading
 
  



Eurozone crisis to jeopardize growth in Asia ADB:

Even China may face difficulties if demand from Europe, its largest export market - slows further.

Asia s projected growth rate of 7.5 percent next year could be jeopardised as the eurozone crisis threatens its export-driven economies, the Asian Development Bank chief said.

ADB president Haruhiko Kuroda said even China may face difficulties if demand from Europe -- its largest export market - slows further.

"Developing Asia (excluding Japan, Australia and New Zealand), from our forecast will grow 7.5 percent this year as well as next year," he told AFP late Tuesday on the sidelines of a major aid forum.

"But the 7.5 percent growth next year is subject to greater uncertainty because Europe is having a financial crisis," said Kuroda, adding he was still "cautiously optimistic" about the continent s economic outlook for 2012.

Kuroda said Asia s financial sectors have been hard hit by capital flight by European banks -- with currencies weakening, stock markets falling and corporate funding costs rising.

Eurozone woes so far have not hurt Asia s export-reliant economies as severely as the 2008-2009 US subprime mortgage crisis that sharply reduced global trade, he said.

But the situation may change if Europe falls into recession, the former Japanese finance minister warned, saying even China is not immune.

"For China, Europe is their biggest market, bigger than the US and bigger than Japan. So about 9 percent growth (projected for) next year in China is subject to possible downward risk."

Kuroda said he was hopeful Europe could weather the storm and ruled out a need for more aggressive Asian assistance.

"I think the Asian countries with large foreign exchange reserves could of course help European countries... but Europe has enough resources," he said. "The greatest contribution Asia can make to the global economy is to maintain rapid economic growth in Asia, including India, China and Indonesia."

Kuroda is attending the Fourth High Level Forum on Aid Effectiveness, a global gathering discussing ways to give foreign aid more of an impact.

He stressed the role of the West in helping the region s poorest nations like Afghanistan and Bangladesh. Kuroda said Asia still has 750 million people living on $1.25 a day, giving the continent the largest concentration of people in poverty despite the rapid growth of India, China and other nations.

"The emerging donors are helping... but it s not just enough. So I hope traditional donors continue to help poorest countries, particularly in Asia," said Kuroda, calling their role vital.

China and other emerging economies have become prominent global aid donors in recent years. But they operate outside globally coordinated efforts, such as the Development Assistance Committee (DAC) of the Organisation for Economic Cooperation and Development.

China in particular has offered massive aid to resource-rich Africa in a bid to fuel its booming economy, despite criticisms over the close ties with nations that have questionable rights records.

The practice has prompted calls from the West for emerging economic powers to follow agreed aid standards, including anti-corruption efforts and political reforms.

Kuroda said emerging donors need more time to adapt to their new roles. "The most important point is that emerging donors and traditional donors should engage in dialogue, whether emerging donors become members of OECD DAC or not," he said.

Ahtasham Ul Haq - About Author:
More Information visit the site:
http://www.wordworldnews.blogspot.com

Share on Facebook Tweet It Stumbleupon this post This post is delicious !

Article Source:
http://www.articleside.com/business-articles/eurozone-crisis-to-jeopardize-growth-in-asia-adb.htm

Related Business Articles Subscribe to RSS

Mediums for latest India news
Published by Nidhigupta on May 14th 2012 | Business
People refer to various mediums like radios, newspapers, television to remain update about India new...
 
HBO is world-renown for their award-winning original programming
Published by Xiaojuan on November 25th 2011 | Business
Fans of Doctor Who may be disappointed that their favourite Time Lord missed out on a best Drama Ser...
 
The world is inching closer thanks to the world news
Published by Nidhigupta on July 6th 2012 | Business
World news refers to the news which is international. It deals with the subjects and issues at an in...
 
Health news releases – Your path to success
Published by Hall Clark on March 12th 2012 | Business
Many businesses do not have the funds to distribute their news releases professionally. Earlier it w...
 
Need of current business news
Published by Nidhigupta on May 14th 2012 | Business
A great importance is in the hands of stock market whenever a person decides to invest in stock mark...
 
The innovative era of latest news
Published by Nidhigupta on July 16th 2012 | Business
News has proved to be the essential par of our daily lives. It has become necessary to have the dail...
 
Competitive world needs global news
Published by Nidhigupta on May 26th 2012 | Business
Awareness about what is happening in our country or the world can be done only through various types...
 
Get alerts about today news
Published by Nidhigupta on May 16th 2012 | Business
Online news updates help in getting the newfangled news every time. It is offline as well as online....
 
Means for getting top world news
Published by Nidhigupta on May 1st 2012 | Business
The web is responsible for the dealing of the potential energy in the globe. The internet might stan...
 
The progress India news today has made
Published by Nidhigupta on June 20th 2012 | Business
India, as we all know, is a very unpredictable country. Anything can happen anywhere and at anytime....
 
The benefits and drawbacks of international news
Published by Nidhigupta on July 7th 2012 | Business
International news is projected in different countries in different languages. There are various tel...
 
Dre than ever. Monster beats may be the world's complete aborigina
Published by Scofile on February 20th 2012 | Business
Proprietary titanium coated authoritarian technology. Dre than ever. Monster beats may be the world'...
 
Starting the importance pertaining to exceptional world wide web solutions
Published by Sarah Jesse on August 20th 2012 | Business
There has been a lot of talk about the different kinds of web facilities that can certainly help a p...
 
DIC group – a snapshot of the world’s leading ink producer
Published by DIC Ltd. on January 13th 2012 | Business
DIC Corporation is one of the world’s leading companies in printing ink and graphics arts technolo...
 
Automotive news – for expert opinion
Published by Jamessms on March 7th 2012 | Business
Automotive industry is one of the most buzzing industries of the world. Irrespective of the turbulen...
 
Find out about Importance of CompTIA A+ Certification throughout the world
Published by Zhuimeng on January 16th 2012 | Business
project managers in their skills to manage and direct assigned projects given a time frame and budge...
 
Military news catering to the people with specific interests
Published by Ashish Pandey on January 12th 2012 | Business
Military news can specifically serve to a group of people who have special interests in knowing abou...
 
International news- then and now
Published by Nidhigupta on June 2nd 2012 | Business
People all around the world are keen on knowing about the issues and matters of every country. Inter...
 
Panasonic multifunction devices- a new era in the world of office products.
Published by Mike Tyson on July 23rd 2012 | Business
How many of you have ever realised the importance of a printer to aid your personal and commercial a...
 
The country has come together with the state news of India
Published by Nidhigupta on July 11th 2012 | Business
We all understand that it is essential to have proper news not just about the country as a whole but...