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Asian Development Outlook 2008: Workers in Asia

Asian Development Outlook 2008: Workers in Asia

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The annual Asian Development Outlook provides a comprehensive economic analysis of 44 economies in developing Asia and the Pacific. This 20th anniversary edition examines trends and prospects in Central Asia, East Asia, South Asia, Southeast Asia, and the Pacific.
The annual Asian Development Outlook provides a comprehensive economic analysis of 44 economies in developing Asia and the Pacific. This 20th anniversary edition examines trends and prospects in Central Asia, East Asia, South Asia, Southeast Asia, and the Pacific.

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Categories:Types, Business/Law
Published by: Asian Development Bank on Feb 24, 2011
Copyright:Attribution Non-commercial

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ASIAN DEVELOPMENT
Outlook
2008
Asian Development Bank
Workers in Asia
 
©  Asian Development BankAll rights reserved. Published .Printed in Hong Kong, China.ISSN: -Publication Stock No. Cataloging-in-Publication Data. Asian Development Bank. . Economics, Finance. I. Asian Development Bank.Te annual
Asian Development Outlook
provides a comprehensive economic analysis o  economies indeveloping Asia and the Pacic.Te views expressed in this book are those o the authors and do not necessarily reect the views and policies o the Asian Development Bank or its Board o Governors or the governments they represent.Te Asian Development Bank does not guarantee the accuracy o the data included in this publication andaccepts no responsibility or any consequence o their use.Use o the term “country” does not imply any judgment by the authors or the Asian Development Bank as to thelegal or other status o any territorial entity.Te Asian Development Bank (ADB) encourages printing or copying inormation exclusively or personal andnoncommercial use with proper acknowledgement o ADB. Users are restricted rom reselling, redistributing, orcreating derivative works or commercial purposes without the express, written consent o ADB. ADB Avenue, Mandaluyong City  Metro Manila, Philippinesel: +   Fax: +    www.adb.orgFor orders, please contact:Department o External RelationsFax: +   E-mail: adbpub@adb.org
 
Foreword
Asian Development Outlook 2008
(
ADO 2008
) is the 0th edition o the annual comprehensive economic report on the developing membereconomies o the Asian Development Bank. Tis year’s
ADO
eatureschanges that aim to serve readers’ needs better and enhance the relevanceo content.Parts  and  provide an assessment o recent economic perormanceor 44 developing economies in Asia, and projections or majormacroeconomic indicators or 008 and 009.In 007, developing Asia grew by 8.7%, the astest recorded rateo growth since 988. Te People’s Republic o China (PRC) and Indiaboth grew at an exceptionally rapid pace, and several other countries,including the Philippines, enjoyed the astest growth in decades.But in the latter part o 007, the global economic outlook beganto turn. Problems that germinated in the United States (US) subprimemortgage and housing market began to spread and ampliy. A coincidentslowing o growth is now under way in the G economies (Europe, Japan,and US). Tere is still considerable dissonance about the extent andduration o the expected slowdown, and the ull extent o problems in USandpossibly Europeancredit markets is yet to be revealed.In this dicult environment, economic activity in developing Asia isexpected to remain strong and growth o 7.6% is expected in 008. Tissolid perormance in an unsteady global economy is underpinned by avorable policy conditions, strong productivity growth, and the ongoingstructural transormation o Asian economies. Still, growth projectionsor 008 and 009 are slightly below the recent historical trend indeveloping Asia.Developing Asia will not be immune to the global economicslowdown, nor will it be hostage to it.
ADO 2008
eatures an examinationo how the G downturn could be transmitted to developing Asia andconcludes that trade channels remain an important conduit or thetransmission o shocks. As yet, market penetration by Asian suppliers inthe PRC’s nal goods markets is limited, and strong growth in the PRCwill provide only a limited cushion against the G downturn.In the past decade, developing Asia has become much more deeply integrated with global nancial markets, raising the potential orcontagion. But Asia’s nancial systems are likely to be spared a creditcrunch, though there may be some tightening in credit markets. Asia’sbanks, which still dominate private nancial markets, are generally wellcapitalized and there does not appear to be substantial value at risk ontheir balance sheets.In the near term, the major risk lies not so much in soer growthbut in rising commodity prices and accelerating ination. I inationexpectations are allowed to become ingrained, this could createdistortions that damage productivity growth over a protracted period.Tough measures to restrict the impact o rising ood prices on thepoor are understandable, these should not be allowed to jeopardize

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