Asia can withstand U.S. economic slowdown: ADB<\/p>\n
KOBE, Japan (Dow Jones): Slower growth in the U.S. won't
\ninflict much damage on Asia, especially given the rise in
\nintraregional trade in recent years, the president of the Asian
\nDevelopment Bank said Saturday.<\/p>\n
Dwindling demand in the U.S. will take a toll on Asia by
\nhurting exports of semiconductors, computers and
\ntelecommunications equipment, Tadao Chino told Dow Jones
\nNewswires in an interview.<\/p>\n
\"But the impact won't be that damaging,\" Chino said on the
\nsidelines of the Asia-Europe Meeting of finance ministers. \"The
\nregion's economies are recovering - there's no change to that.\"<\/p>\n
Chino said economic growth in the Asia-Pacific region,
\nexcluding Japan, is expected to be 6.4 percent in 2001,
\nmaintaining the ADB's official forecast released last November.<\/p>\n
Chino's remarks might assuage fears that Asia's economic
\nrecovery could hit a wall as the U.S. economy rapidly loses
\nsteam.<\/p>\n
His comments also come after similarly soothing remarks Friday
\nby International Monetary Fund Managing Director Horst Koehler,
\nwho said he doesn't expect the Asian recovery to be derailed
\ndespite slower U.S. growth. Koehler said the IMF now estimates
\nthe U.S. economy will expand 2.5 percent in 2001, compared with
\nits previous forecast for 3.2 percent growth.<\/p>\n
Chino said Asia will be able to withstand slower growth in the
\nU.S. because most Asian nations only ship about 20 percent of
\ntheir exports to the U.S.<\/p>\n
Meanwhile, countries such as Hong Kong and Malaysia ship more
\nthan 40 percent of their exports to other Asian nations,
\nexcluding Japan. China, Taiwan and South Korea send more than 30
\npercent of their exports to other countries in Asia, he said.<\/p>\n
However, not everyone is quite so sanguine.<\/p>\n
European Union Minister-Cousellor Etienne Reuter said there
\nwas a sense among both Asian and European ASEM delegates that the
\nADB's view might be overly optimistic. \"There was skepticism
\ntoward the ADB's optimistic prognostications,\" Reuter said.<\/p>\n
The Asian members of ASEM are Brunei, China, Indonesia, Japan,
\nMalaysia, the Philippines, Singapore, South Korea, Thailand and
\nVietnam.<\/p>\n
The EU members are Austria, Belgium, Britain, Denmark,
\nFinland, France, Germany, Greece, Ireland, Italy, Luxembourg, the
\nNetherlands, Portugal, Spain, Sweden and the European Commission.<\/p>",
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"sponsor": "Okusi Associates",
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