ADB: Asia set for mild economic recovery in 2010, sustained growth will take longer

October 9th, 2009 Global oil demand seen rising amid recoveryPARIS — Faster economic growth next year, particularly in the developing world, will drive oil demand higher than previously expected, the International Energy Agency said Friday. The Paris-based IEA, which advises oil-consuming countries, said crude demand would reach 86.1 million barrels a day in 2010, up 1.7 percent from this year, the IEA said in its monthly oil report.

October 1st, 2009 ISTANBUL - The world economy has pulled out of its worst recession since World War II and will stage a sluggish recovery in the coming year, the International Monetary Fund (IMF) said in an economic forecast released Thursday. But the IMF warned the recovery was largely due to massive public spending by governments.

September 29th, 2009 NEW DELHI - A whopping 63 percent of top executives of India Inc believe a sustainable economic recovery is under way, according to a survey conducted by a leading think-tank. Indian business honchos are the most optimistic of the lot in Asia of a sustainable economic recovery, said the survey, conducted among 258 senior executives from Asia by the Economist Intelligence Unit (EIU).

September 29th, 2009 MUMBAI - Choices with regards to policy changes like revision of monetary policy are becoming increasingly "complex" for India's central bank as signs of economic recovery continue to be tentative even while inflation firms up, a top bank official said. "The policy choices are becoming increasingly complex for the RBI, as signs of recovery in growth are still tentative, whereas inflation is clearly firming up," said Reserve Bank of India (RBI) Deputy Governor K.C.

September 22nd, 2009 MANILA - The overall economic expansion of developing Asia this year was expected to rise to 3.9 percent, sustained by the region's larger economies like China and India, the Asian Development Bank said in a report Tuesday. The update to ADB's flagship annual economic publication Asian Development Outlook, upgraded its forecast of the region's growth from a slightly lower 3.4 percent projection made in March and said it is likely to top 6.4 percent in 2010.

July 23rd, 2009 East Asia growth may rebound sharply, ADB saysBANGKOK — East Asia's emerging economies could rebound sharply next year with the region already moving from recession to recovery, the Asian Development Bank said Thursday. The deep slumps in the U.S., Europe and Japan will continue to hurt export-dependent East Asia this year but it could expand at a rapid clip in 2010, the development lender said in a semiannual economic report.

July 8th, 2009 IMF raises Asia 2009 growth forecastBEIJING — The International Monetary Fund has raised its 2009 growth forecast for Asia's developing economies from 4.8 percent to 5.5 percent but cautioned that a sustained rebound will depend on recovery in developed economies. The Washington-based cited improved prospects for regional giants China and India.

June 16th, 2009 WASHINGTON - Vikram Pandit, the Indian-American chief executive of ailing banking giant Citigroup, has taken a swipe at recent efforts to prevent US banks that received government capital from hiring foreign workers, saying the new growth driver for US financial markets was Asia. "It's important that the most talented people in the world continue to believe that American companies are employers of choice," he said stressing the importance of globalisation at a conference of business, economic and government leaders in Detroit Monday.

May 21st, 2009 NEW DELHI - Despite the political stability promised by the Congress-led coalition's resounding win at the recent parliamentary polls, the outlook remains dim for the Indian economy till 2010, says the economic intelligence arm of global rating agency Moody's. 'The robust export performance seen in the December quarter likely turned negative in the opening months of 2009,' Sharman Chan, economist with Moody's Economy.com, said Thursday.

May 13th, 2009 Australia defends 'optimistic' growth forecastsCANBERRA, Australia — The government on Wednesday defended as conservative forecasts that Australia's economy will grow rapidly once it emerges from a mild two-year recession. The forecast of a stellar recovery beginning late next year is part of the government's strategy revealed Tuesday to sustain jobs during the global downturn by going deep into debt through spending on infrastructure and other measures.

May 6th, 2009 Asia faces weak recovery from slowdown, IMF saysSINGAPORE — Most Asian economies face weak recoveries next year after contracting sharply this year, the International Monetary Fund said Wednesday, urging governments to boost spending to offset faltering global demand. Despite some signs that a plunge in exports and manufacturing may have bottomed in recent months, the IMF warned sustained growth won't return to the region before late 2010.

April 30th, 2009 Obama adviser sees increase in unemploymentWASHINGTON — Unemployment will increase in the next several months, but the pace of the nation's economic slide will moderate and level out in the second half of the year, a top Obama economic adviser told Congress Thursday. Christina Romer, the chairwoman of Obama's Council of Economic Advisers, predicted another economic contraction in the second quarter of the year and delivered a downbeat assessment about unemployment.

April 22nd, 2009 IMF: Asia could see 'modest recovery' in 2010BEIJING — Asian economies could see a modest recovery next year, boosted by stronger export demand and stimulus spending, the International Monetary Fund said Wednesday. Trade-driven Asia has been hit harder than expected by the worst global downturn since the 1930s, though many economies are stronger than they were during the region's 1997 financial crisis, the Washington-based IMF said in a report.

April 22nd, 2009 IMF says Asia could see 'modest recovery' in 2010BEIJING — The International Monetary Fund says Asian economies could see a modest recovery next year, boosted by stronger export demand and stimulus spending. Trade-driven Asia has been hit harder than expected by the worst global downturn since the 1930s.

March 31st, 2009 MANILA - Economic growth in developing Asia was expected to slow to its lowest rate in more than a decade due to the global economic crisis, the Asian Development Bank (ADB) said Tuesday. It predicted India's economic growth would be five percent in 2009.