Asia

Financial Crisis Spreads The impact of the global financial crisis is spreading to emerging markets, including those of Asia/Pacific, and it is likely to become more severe this year, analysts say. The Asian Development Bank (ADB; Manila) recently cut its 2009 GDP growth forecast for “emerging East Asia”—defined as the Asean countries plus China, Korea, and Taiwan—for the second time in three months. Average GDP growth in emerging East Asia will be 5.7% in 2009, compared with 6.9% in 2008 and 9% in 2007, ADB says. ADB had forecast last...

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