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The Asian Development Bank (ADB) warned that growth in Asian economies will slow further next year amid weaker demand for their exports, adding that the world could easily slide into a global recession.
Recent dismal trade, employment and manufacturing data all point to a shrinking international economy and falling consumer demand for products made in Asia, said ADB Managing Director General Rajat Nag.
“Growth in developing Asia will likely slow further in 2009. The global slowdown could easily turn into a global recession,” Nag said in a speech in Singapore.
“Asia's economic and financial systems will likely come under increased pressure,” Nag said. “Asia's export-dependent economies also face a sharp slowdown as global demand weakens.”
Governments across the region have slashed growth forecasts this year as a credit crisis that began last year in the U.S. spreads across the globe, battering investor and consumer confidence. (Source: AP)
November 7, 2008
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