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p. 2 of 69 BACK | NEXT Foreword, Acknowledgments, Acronyms and Abbreviations, Definitions I. Developing Asia and the World Economic Highlights in 2003 and Prospects for Developing Asia and the Pacific in 2004-2005 Prospects for the World Economy in 2004-2005 Developing Asia: Subregional Trends and Prospects Risks to the Outlook for Developing Asia Resolving Developing Asia's Nonperforming Loans II. Economic Trends and Prospects in Developing Asia III. Foreign Direct Investments in Developing Asia

Asian Development Outlook 2004

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Developing Asia and the World

Overview of Economic Highlights and Prospects

The economic recovery in industrial countries, which was weak in 2002 and in the first half of 2003, strengthened considerably over the last 2 quarters of 2003 and in the first quarter of 2004. In such a context, and despite major external shocks in 2003, the economies of developing Asia and the Pacific expanded much faster than earlier anticipated, with their aggregate gross domestic product growing by 6.3%. Although substantial imbalances remain in the world economy, growth in major industrial countries is projected to be quite robust in 2004–2005, while in developing Asia and the Pacific, the improved external environment, combined with strong domestic demand and buoyant intraregional trade, will allow the region to grow at annual rates of around 6.8% over the forecast period.

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