Finance Sector Development
In the Spotlight
ADB's Asian Development Outlook (ADO) 2015 projects that Developing Asia will grow at a steady 6.3% in 2015 and 2016, supported by a strengthening recovery in the major industrial economies and soft global commodity prices.
An ADB-supported project plays a lead role in the development of the microfinance industry in Papua New Guinea.
The workshop will explore the broader realm, economic implications, and potential of remittances.
The financial system is the lifeline of a country’s economy. It creates prosperity that can be shared throughout society and benefit the poorest and most vulnerable people. Financial sector and capital market development, including microfinance, small and medium-sized enterprises, and regulatory reforms, is vital to decreasing poverty in Asia and the Pacific. Since the Asian financial crisis in 1997-1998, the region’s financial sector has strengthened significantly. However, it still lags substantially behind that of developed economies and room to grow.
$6.7 trillionEmerging East Asia's local currency market at the end of March 2013, a year-on-year expansion of 12.1%
$2.59 billionADB's total microfinance approvals as of June 2014
40% estimated portion of the population in South Asia not served by banks