Eurozone crisis likely to hit Asia growth: ADB

[Javaman]

http://www.rawstory.com/rs/2011/11/14/eurozone-crisis-likely-to-hit-asia-growth-adb/


The eurozone debt crisis will hit growth in Asia’s developing economies this year and next as the key trade zone cuts back export orders, a senior Asian Development Bank official said Monday.

In September, the bank forecast developing Asia, excluding Japan, Australia and New Zealand, would grow at a rate of 7.5 percent in both 2011 and 2012.

But that estimate may now be unrealistic given the lack of resolution to the eurozone’s debt problems, said ADB Managing Director General Rajat Nag.


“7.5 percent (growth) is probably going to turn out to be on the higher side given what’s happened since our forecasts and now”, Nag told reporters in Mumbai.

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