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p. 2 of 77 BACK | NEXT Foreword, Acknowledgments, Acronyms and Abbreviations, Definitions I. Developing Asia and the world Overview of economic highlights and prospects Export or domestic demand-led growth in developing Asia? II. Economic trends and prospects in developing Asia III. Promoting competition for long-term development Statistical appendix

Asian Development Outlook 2005

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Developing Asia and the world

Overview of economic highlights and prospects

The major industrial economies grew at their strongest rate in many years in 2004. In turn, the economies of developing Asia and the Pacific achieved their highest growth since the Asian financial crisis as aggregate gross domestic product expanded by 7.3%. Domestic demand was buoyant and average inflation remained subdued. The strong economic momentum in most regional economies, together with a continued benign external environment, augurs well for growth over 2005-2007. Average real growth is expected to be between 6.5% and 6.9%, supported by more buoyant domestic demand and strengthening intraregional trade.

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