Philippines, Manila
East Asia is expected to experience a moderate slowdown in economic growth this year with the external environment turning somewhat less favorable and oil prices reaching record levels, according to an ADB report released today. Curent forecasts for East Asia-defined as the 10 ASEAN member countries, the People’s Republic of China (PRC) and the Republic of Korea – see average 2005 GDP growth of 6.8%, down from 7.6% in 2004, according to the Asia Economic Monitor (AEM). Excluding the PRC, East Asia is expected to post average growth of 4.4%, compared with 2004 growth of 5.5%.
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