Development Bank: Rising oil prices can slow Asian growth

The President of the Asian Development Bank (ADB), Tadao Chino, believes Asia-Pacific nations can see growth levels rise this year and next but the spectre of oil prices at 13-year highs could restrict overall expansion.
Development Bank: Rising oil prices can slow Asian growth Development Bank: Rising oil prices can slow Asian growth Development Bank: Rising oil prices can slow Asian growth Development Bank: Rising oil prices can slow Asian growth Development Bank: Rising oil prices can slow Asian growth

Speaking at the Bank’s annual meeting Chino said, “Asia-Pacific nations are expected to grow at a brisk 6.8% in 2004 and 6.7% in 2005 [but] oil prices now at 13-year highs as well as geopolitical concerns could slow economic growth.”

Disparity of wealth amongst Asian neighbours, speculation on raised US interest rate levels and China’s overheating economy affecting regional growth were the other issues brought up by delegates at the meeting.

“All of these risks underscore the importance of close cooperation and continued implementation of key policy and structural reforms in the region,” said Chino at the

The ADB provides loans and economic aid to the region and is also a forum for Asian policy makers and their counterparts in Europe and North America. More than 3,300 delegates from 63 nations attended the meeting.

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