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p. 2 of 81 BACK | NEXT I. Developing Asia and the World Developing Asia and the World Overview of 2001 Developing Asian Economic Trends External Conditions in 2001 and 2002 Subregional Trends and Prospects Medium-Term Outlook and Risks for Developing Asia II. Economic Trends and Prospects in Developing Asia III. Preferential Trade Agreements in Asia and the Pacific

Asian Development Outlook 2002 : I. Developing Asia and the World

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Developing Asia and the World

In contrast to the deteriorating outlook of 2001, the encouraging economic news of early 2002 is forming the basis for stronger medium-term growth forecasts in the Asia and Pacific region (Figure 1.1). There are both external and internal reasons for renewed optimism. Externally, a strengthening United States economy, emerging from a milder than predicted recession, is proving beneficial to the outlook for other economies worldwide, including the euro area, Japan, and developing Asia. Internally, domestic demand in many of the Asian Development Bank’s developing member countries is responding to macroeconomic stimulus and emerging as a source of growth. Moreover, falling risk spreads on Asian securities and, as of early 2002, strengthening equity markets reveal renewed investor interest in the region. A recovery in developing Asia is expected to build over 2002–2003, promising to be more balanced, though less intense, than the 1999–2000 expansion. However, the recovery is vulnerable to several risks, including rising oil prices.

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