15 December 2009 04:34 [Source: ICIS news]
SINGAPORE (ICIS news)--Asia’s emerging economies will grow faster than initially expected this year and expansion should gather speed in 2010, thanks to the quick policy responses from various governments across the region, the Asian Development Bank said on Tuesday.
In its Asia Economic Monitor report, the multilateral institution said the region would post a 4.2% growth this year, up from its earlier forecast of 3.6%. The ADB also adjusted up its growth expectations for 2010 to 6.8% from 6.5%.
Emerging Asia comprises the 10 economies of the Association of Southeast Asian Nations (ASEAN) plus
A stronger economic growth would mean better demand for petrochemicals into next year.
Regional governments must keep their fiscal and monetary policies accommodative to ensure their economies get back on a sound footing, Lee said.
“A key challenge for each economy will be to carefully time when best to roll back the stimulus to ensure sustained recovery but avoid both excessive inflation and hefty fiscal shortfalls,” he said.
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