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‘Asia and Pacific likely to grow at 6.9%’

ADB President said inclusive growth will be key focus of this year's annual meeting.

Written by Agencies | Manila |
May 2, 2012 2:02:44 pm

The Asian Development Bank today projected a near 7 per cent growth for the Asia Pacific region during 2012.

ADB President Haruhiko Kuroda said the Asian Development Outlook (ADO) forecasts a “healthy GDP of 6.9 per cent for developing Asia and the Pacific in the 2012″ and an accelerated 7.3 percent growth in 2013.

He said Asia and Pacific region would maintain its growth momentum despite issues elsewhere in the world and emphasised the need to make growth in the region more inclusive.

Kuroda was addressing the media at the 45th Annual Meeting of the ADB here.

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However,”the very drivers of Asia’s economic success — new technology,globalisation and market-oriented reforms — have also served to create and increase disparities within and among Asian economies,” he cautioned.

He suggested remedies through investment in education to reduce inequality in human capital,infrastructure investments to makes services and opportunities accessible to all and measures to make growth more employment friendly.

Kuroda said inclusive growth will be another key focus of this year’s annual meeting.

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