Asian Development Outlook Special Note: Developing Asia's Prospects in the Global Slowdown
The global economy is facing a major downturn. The worsening financial problems have caused economic activity to stall and have dimmed the outlook for global growth. With the major industrial countries already in or close to recession, the global slowdown is expected to be deeper and much more prolonged than previously anticipated.
As the deepening financial crisis intensifies its grip on the global economy, its effects have begun to be felt by Asian economies. In light of this, the Asian Development Bank (ADB) established a Regional Economic Outlook Task Force. The task force had reassessed ADB's medium-term growth projections for developing Asia, the most recent of which were published in the Asian Development Outlook 2008 Update in September 2008. This special note provides revised estimates of the growth prospects for developing Asia in 2009.