Developing Asia to rebalance growth
Aditya Suharmoko, The Jakarta Post, Jakarta | Sun, 05/03/2009 11:55 AM
Emerging countries of Asia will start to rebalance their economic growth away from a heavy reliance on exports to focus more on their domestic markets, Asian Development Bank (ADB) president Haruhiko Kuroda said Sunday.
"Developing Asia is starting the process of rebalancing growth from excessive dependence on external demand to greater reliance on both domestic consumption and investment," Kuroda said in a seminar called the "Global Financial Turmoil and Implications for Asia".
The impact of the US-led global financial crisis on Asia is more on the real sector as exports slump, cutting the economic growth of export-oriented Asian countries.
"Regional cooperation to foster intraregional trade based on stronger domestic markets is making progress and the ADB is very happy to encourage and support this process," he said.
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