Economic growth in emerging East Asia will ease to 8.0 percent
in 2008 from 8.5 percent in 2007, said a new report issued here
Thursday by the Asian Development Bank (ADB).
The risks are tilted more to the downside than before on
expectations of a sharper slowdown in the U.S. economy, further
tightening of global credit, an abrupt adjustment in exchange rates
and continued rise in oil and commodity prices, said the December
issue of Asia Economic Monitor (AEM).
According to the report, economic growth in the Chinese
mainland, the region's growth engine, will slow to 10.5 percent in
2008 from 11.4 percent in 2007 if government measures to cool the
economy begin to take hold. Growth in ASEAN (Association of South
East Asian Nations) is expected to slightly moderate to 6.1 percent
in 2008 from 6.3 percent in 2007.
The report said that even as growth slows in emerging East Asia,
inflation is rearing its head in many economies and that price
pressures are likely to remain in 2008.
"Slower growth but rising inflationary pressures despite
appreciating currencies pose major challenges for the region's
policymakers," said Jong-Wha Lee, head of ADB's Office or Regional
Economic Integration.
The AEM is a semi-annual review of emerging East Asia's growth,
financial vulnerability, and emerging policy issues. It covers the
10 members of the Association of South East Asian Nations, South
Korea, and China's mainland, Hong Kong and Taiwan.
(Xinhua News Agency December 13, 2007)
