World News

Asian Economies Vulnerable, Threaten World Recovery

Asian economic growth is threatened by financial uncertainty and a destructive start to the annual monsoon season.

The Asian Development Bank says the region, which has led the world in the pace of growth, faces a longer road than had been expected in eliminating extreme poverty, and continuing social and economic gains.

In the bank's annual evaluation review, director Walter Kolkma says the continuing uncertain world economic outlook seems to be weakening the commitment of governments to finding novel solutions to address regional vulnerability. This, he says, could deflate economic growth and hit the poor the hardest.

The bank says floods and landslides already caused by this year's monsoon rains expose the continued low state of disaster preparedness in the region, which is being increasingly hit by extreme storms described as 'once in a century.'

ADB officials say governments need to find ways to increase spending on preparedness and prevention, while continuing programs to broaden economic opportunities for the poor.

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