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ADB sees Asian economies growing by 5%.

Asia Africa Intelligence Wire

| July 01, 2003 | COPYRIGHT 2003 Financial Times Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

(From Philippine Daily Inquirer)

Byline: Christine A. Gaylican

THE ASIAN Development Bank still expects the Asian region, including the Philippines, to grow by about 5 percent this year despite the outbreak of the Severe Acute Respiratory Syndrome (SARS).

ADB President Tadao Chino said during the bank's annual governors' meeting yesterday that Asia's "robust performance" compared to other regions would be based on the steady growth of domestic and export demand from the Asian countries.

However, Chino warned that the economic outlook for 2003 was also highly dependent on global economic movements and susceptible to risks associated particularly with disruptions in tourism, trade, investment and other services.

He encouraged Asian economies to remain vigilant to prevent the recurrence of the SARS disease and reported that the bank has recently signed an agreement with the World Health Organization on how to prevent the disease in the longer term.

He noted that the bank's thrust in the region remained to be poverty reduction, how to encourage a private sector-led development and how to achieve environmental sustainability.

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