ADB to Host Forum on Impact of Financial Crisis on Asia

News Release | 7 March 2009

MANILA, PHILIPPINES - Senior policymakers, heads of central banks, the private sector, and academe will gather at the Asian Development Bank's (ADB) headquarters in the Philippines capital on Monday to share policy responses to the global financial crisis and its impact on Asia.

ADB President Haruhiko Kuroda will open the two-day South Asia Forum on Impact of the Global Economic and Financial Crisis Forum, the first of three forums to be held in the region in coming months.

Participants include former Managing Director of the International Monetary Fund, Michel Camdessus, former Philippines President, Fidel V. Ramos and former Vice Minister of Finance, Japan, Makoto Utsumi.

"The global financial crisis has started to hurt all countries in South Asia," says Kunio Senga, Director General of ADB's South Asia Department. "India's economic growth has dropped significantly, while stock prices have come down sharply. Even small economies like the Maldives are being hurt due to a sharp drop in tourism."

The ADB will use the forum to launch two major studies - The Impact of the Global Economic Slowdown on South Asia and Global Financial Market Turmoil and Emerging Market Economies: Major Contagion and Shocking Loss of Wealth? - which examine the impact of the financial crisis on Asia.

Policymakers from Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka will attend the forum to discuss policy approaches and regional responses to the crisis.