Business Daily from THE HINDU group of publications
Monday, Nov 17, 2008
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Business Daily from THE HINDU group of publications Monday, Nov 17, 2008 ePaper | Mobile/PDA Version | Audio | Blogs |
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Industry & Economy
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Economy Money & Banking - Financial Institutions ‘Developing Asia to record healthy growth rates’ Our Bureau New Delhi, Nov. 16 Asian Development Bank (ADB) does not expect a full-blown financial crisis in India even as it forecasts a lower economic growth of between 6-7 per cent for 2009, lower than the 7.8 per cent expected this year. “We don’t expect a financial crisis (in India) because of the fundamentals. The economic side has not worsened. Developing Asia will slow down but continue to record healthy growth rates,” Mr Rajat M. Nag, Managing Director-General, ADB, said at the India Economic Summit 2008 here on Sunday. He highlighted that China’s economic growth is expected to be about 9.7 per cent in 2008, lower than 10.8 per cent last year. “In 2009, we expect China’s growth to lower down to under 9 per cent,” Mr Nag said. He underscored the need for countries to look beyond the immediate crisis. “The immediate crisis has to be dealt with but not at the cost of the long term. One must remember that only those economies that kept their eyes on fundamentals succeeded,” he said. Mr Nag noted that the Asian financial sector was not exposed to toxic assets of the US and that it was resilient. More Stories on : Economy | Financial Institutions
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