ADB Asian Development Outlook 2009: Bleak Outlook for Developing Asia

Developing Asia's economic growth will slow in 2009 to its most sluggish pace since the 1997/1998 Asian financial crisis, ADB says in the Asian Development Outlook 2009, released today. The report forecasts economic growth in developing Asia will slide to just 3.4% in 2009, down from 6.3% last year and 9.5% in 2007. Deteriorating economic prospects will hinder efforts to reduce poverty. With slow growth, more than 60 million people in 2009, and close to 100 million people in 2010, will remain trapped in poverty living on less than US$1.25 a day than would have been if growth had continued at its earlier pace.

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