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ADB: Most Asian economies slowing on weak exports

MANILA, Philippines—Economic growth throughout much of Asia will slow slightly this year and next, weighed down by weak export demand from major industrial economies and China, the Asian Development Bank said Friday.

The Manila-based lending institution said Asia’s economies excluding Japan will grow 6 percent this year and 6.6 percent in 2013. Both figures are 0.1 percentage point lower than anticipated in October.

“Enduring debt problems and economic weakness in Europe and the looming fiscal cliff in the United States remain very real threats to developing Asia next year,” said ADB Chief Economist Changyong Rhee.

Slower than expected growth in India, South Korea, Hong Kong and Taiwan and the two largest Central Asian economies — Azerbaijan and Kazakhstan — slightly outweigh the more rapid expansion in some other economies in the region, such as the Philippines and Malaysia.

The ADB said China’s rebound in industrial production means its economy should expand as anticipated — 7.7 percent in 2012 and 8.1 percent in 2013.

Weak external demand from major industrial nations and China continues to weigh down East Asia. The ADB revised growth prospects for the region from 6.5 percent to 6.4 percent in 2012, and from 7.1 percent to 7 percent in 2013.

Hong Kong’s economy grew 1.3 percent in the third quarter from a year ago. South Korea grew 1.6 percent, its slowest growth since the third quarter of 2009. Mongolia grew a lower-than-expected 5.6 percent.

Overall growth in Southeast Asia to expected to reach 5.3 percent in 2012 and 5.5 percent in 2013. The top five regional economies — Indonesia, Singapore, Malaysia, Thailand, the Philippines — will continue to grow at 5.9 percent this year and 5.8 percent in 2013.

Domestic demand driven by private consumption and private and public investment is boosting Malaysia’s economy. In the Philippines, the GDP growth beat expectations after accelerating to 7.1 percent in the third quarter, compared with 3.2 percent in the same period last year.

The bank said Thailand is expecting a strong rebound in the fourth quarter after last year’s floods.

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Tags: ADB , Asia , Asian development bank , economy , Export , Growth

  • http://profile.yahoo.com/AND7MQ5FERICDOIAUW56RYT45A tower_of_power

    Only the Philippines is expanding on exports … MAINLY OFW’s … kaya marami bumibili condos … puno ang mga malls … bulto bulto ang profits ng mga ultility companies, oil companies at lalo na mga banko kung saan pinapadala ang mga remitances at pumapatong ng napakataas na interest sa utang ng mga OFW’s.

    • oh_noh

      The top five regional economies — Indonesia, Singapore, Malaysia, Thailand, the Philippines…

      Singapore, Malaysia, Thailand at *hmmm* Indonesia – agree ako dyan!

      Philippines? tumpak ka kabayan, OFW’s ang main export nyan!

      obvious na obvious naman… tapos, ginagawa pang gatasan at ginagantso pa ng gobyerno!!!

      mabuhay *pa sana* ang mga kawawang OFW’s!

      • OFW28

        angtangamo Tiglao! maski anong sabihin mo dyan, ang mga OFW hindi kawawa, isa ka lang sa mga nagsasabi nyan, sabi ko ung mga bagong graduate work lang ng mga isa o dalawang taon sa atin mag OFW na, kasi hindi na gaya dati na mahirap ang OFW pagdating sa communication, meron na dyan, skype, FB, facetime, kaya napakadali na ang buhay ng OFW.
         ako nga pay weekend, sa FaceTime bukas yan maghapon para ka ding nasa pinas  

      • oh_noh

        tukmol, hindi porket naka ipad ka at may internet connection e di ka na kawawa!

        masaya ka nang 40 na lang halos ang dolyar basta naka-FaceTime ka *ulul*

    • OFW28

      angtangamo Tiglao! mas magandang mag-export na lang ng manpower kaysa manatili sa Pilipinas sa mga panahong ito, dapat nga sana halos 1milyon kada taon ang maging OFW para malaki ang kikitain at maiuuwing dollars.

      baka nagkakamali ka dyan, ang interest rate ngayon sa mga banko ay napakababa compara mo sa panahon ni GMA, kaya madali lang mag-housing loan. 

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