Saturday 8 December 2012

SOUTHEAST ASIA RISING

The Jakarta Globe

ADB REMAINS BULLISH ON SOUTHEAST ASIA’S ECONOMY BY RAISING ITS FORECAST

Dion Bisara

The Jakarta Globe, December 08, 2012

The Asian Development Bank revised up its forecast on economic growth in Indonesia and other countries in the Southeast Asia region, citing strong private consumption and investments.

The Manila-based lender estimated that the regional economy this year can grow by 5.3 percent, slightly up from its forecast of 5.2 percent made in October. The bank, whose mission is to eradiate poverty in the Asia-Pacific region, maintained the region’s growth estimate at 5.5 percent for next year.

The region — comprised of Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam — grew by 4.6 percent in 2011.

ADB chief economist Changyong Rhee said in a press statement on Friday that “ there are highly encouraging signs from Southeast Asia.”

Stronger-than-expected results in the third quarter, particularly in Malaysia and the Philippines, has supported higher growth in the region, ADB said in a report. Malaysia’s domestic demand continues to be strong, driven by private consumption and both private and public investment, the bank said.

(...) [article here]

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