Thu, Oct 04, 2012 - Page 15 News List

ADB reduces Asia growth estimates

SLUMP WEIGHS IN:The bank said East Asia will remain the region’s fastest-growing area, although it will not be immune to the overall deceleration around the region

Reuters, MANILA

The ADB urged Asian economies to diversify their growth drivers and capitalize on its booming service industries, as seen in India and the Philippines, to sustain domestic growth during times of prolonged weakness in external demand.

The development lender said policies such as education reform, improved infrastructure and easier regulation geared towards boosting the services sector — now contributing nearly half of the region’s GDP and employing 34 percent of developing Asia’s workers in 2009 — would help lift productivity and promote inclusive growth.

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