ADB revises downward growth outlook for Asia

HONG KONG—First, the International Monetary Fund (IMF) warned developing Asia to brace for shocks from the West. Then the Asian Development Bank (ADB) slashed its regional growth forecasts. Now analysts are asking: Has Asia lost its mojo?
The European debt crisis and weakness in the United States have long been drags on Asian growth, but throw in China’s difficult leadership transition and the outlook is grim.
“It wasn’t supposed to turn out like this. Growth in recent months has faltered again, confounding expectations of a gradual recovery,” HSBC economists Qu Hongbin and Frederic Neumann wrote in a report released last week.
“China is one culprit, though a wobbly West is equally to blame,” they said.
As Asia’s powerhouses China and India slow faster than many had expected, the ADB on Wednesday revised down its growth estimates for the region’s emerging economies to the lowest level since 2009.
Echoing assessments from the IMF, the ADB also warned of significant risks arising from the eurozone and the uncertain recovery in America, both of which are major export markets for Asian manufacturers.
“Developing Asia is slowing down much more than we expected,” ADB chief economist Changyong Rhee told reporters in Hong Kong.
End of two-digit growth
“The years of two-digit growth in Asia are coming to an end,” he said.
The bank cut its 2012 growth forecast for developing Asia, which comprises 45 nations, from 6.9 percent in April to 6.1 percent—the lowest since 2009 when the region expanded 6 percent.
(The ADB raised its growth outlook for the Philippines from 4.8 percent to 5.5 percent this year, citing the rise in investments by local firms, robust household consumption and increase in government spending. For next year, however, the ADB expects the country to expand at a slower pace of 5 percent.)
The ADB also revised downward to 6.7 percent the 7.3-percent growth outlook for Asia for 2013. The region expanded 7.2 percent in 2011.
China’s gross domestic product (GDP) was seen expanding 7.7 percent this year—slow by the country’s recent standards—before bouncing back to 8.1 percent in 2013, still well-below the 9.3 percent achieved last year.
The Manila-based lender said India would see GDP growth slow to 5.6 percent in 2012 before picking up to 6.7 percent next year.
Analysts are wondering when will China crack the whip and provide the policy stimulus its economy needs to avoid a hard landing. HSBC economists Qu and Neumann said they had expected Beijing to act sooner.
“China has held back in providing a determined stimulus, with obvious implications for economic growth regionally,” the economists wrote.
China’s power shift
Domestic politics may be one reason Beijing seems unwilling or unable to use its fiscal reserves to boost growth, with the Communist Party leadership on the verge of a once-a-decade power shift that has been clouded by controversy.
“Given that growth is highly investment-driven, supported especially by the public sector, any leadership change is bound to have a large impact on activity,” Qu and Neumann said.
“This year, more so than during other transitions, political uncertainty may have had an especially restraining effect on investment decisions,” they said.
Asia’s worsening outlook is likely to be underlined when the IMF provides an update on the global economy in a twice-yearly report on Tuesday, in the run-up to weekend meetings of finance ministers from around the world in Tokyo.
But is it time to hit the panic buttons? Has Asia really lost its economic vim? Some analysts say no.
“Asia hasn’t quite lost its mojo yet, but patience is needed before growth accelerates to more accustomed speed,” Qu and Neumann said, predicting China would loosen policy early next year when the new leadership is in place.
No need for panic
Rhee agreed that there was no need for panic. “This is a natural adjustment to a more sustainable growth pace,” he said of the outlook for developing Asia.
Of all the regions in the world that are struggling to cope with the fallout from Europe and the United States, Asia has the most ammunition in its policy armory to respond, research consultancy Capital Economics said on Friday.
“Asia has significant scope to loosen both monetary and fiscal policy,” it said. “Unlike in most of the developed world, interest rates are well above zero across Asia, meaning there is room for interest rates to be cut in most countries.”

Asean resilient
ANZ bank said in an analysis last week that while growth in China and India was on the slide, the core economies of Southeast Asia were proving remarkably resilient.
It noted that while the rest of Asia had “relinked” with the West—with domestic demand tracking weak external demand for exports—this was not the case in Southeast Asia’s biggest developing economies.
“This has broken down entirely in Asean (Association of Southeast Asian Nations) over the past few quarters with domestic demand and foreign demand now largely uncorrelated,” the ANZ report said.
This meant that Asian economies such as Indonesia, Malaysia, Thailand and Vietnam would “likely hold up well” if the global economy slowed further.

Some of the good resorts in Pampanga offer good alternatives to hotel function rooms for seminars, corporate planning and meetings. More and more, Manila event planners prefer to hold planning sessions and meeting out of town in the north where participants can relax and unwind in outdoor facilities of some of the good resorts outside Manila. This way, the meetings can be much more productive as participants get a chance to enjoy the lake, beach and good picnic spots in a good resort in Clark Pampanga between seminars, planning sessions and meetings. Clearwater Resort is generally recognized by event planners as the best event venue in Clark Pampanga. Clearwater appears frequently on the top of a list of the best hotels in Pampanga. Visitors to Clark and Angeles City Pampanga seldom pass up the opportunity to relax and unwind by the lake of this popular resort in Pampanga.
This resort hotel in Clark Philippines is to many, a fine example to leisure lifestyle of suburban city in America. Lake, beach, 13 hectares of picnic grounds covered with trees and green all put together to deliver a memorable getaway experience for foreign tourists visiting Angeles City Clark Philippines and residents of Manila driving up to Clark for a day trip or a weekend family outing.

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Does anyone know how difficult it is to find a decent beach wedding venue in the Philippines? Sure, there are a lot of beautiful beaches but to find a beach where we can have a wedding ceremony in Philippines is next to impossible. Clark is home to some of the best golf courses in Pampanga. Although golf continues to be one of the reasons why visitors from Manila travel to Pampanga, residents of Angeles City, Subic and Bulacan travel to Clark not just to play golf in one of the best golf courses in Pampanga but also to relax and unwind in the best resort in Philippines.

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Beach wedding venue is very popular in Manila, Subic, Pampanga Angeles City and
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Travel Agencies, Facilitators, Event Organizers and Wedding Planners in Manila laud Clearwater as the best resort in Clark Pampanga, citing its safe outdoor facilities and beautiful ambience of the lake, a nice white sand beach, plenty of large trees for shading in the picnic grounds, an ideal vacation spot for families with children. Family travelers pay attention to factors such as safety and security especially when choosing the best hotel in Pampanga for a holiday or vacation. There are plenty of luxurious hotels and deluxe resorts in Manila and other Asian cities but tourists and visitors from Manila travel north to Pampanga and Subic look for something different. Guests staying at the best hotel in Angeles City and Clark Pampanga expect a safe and secured resort to rest and relax without stress. This is the laidback lifestyle that Clearwater Resort and Country Club offers, namely peace and quiet times, an opportunity to take the stress out of city living, a time for family bonding and to enjoy the luxury that nature provides free of charge to all. Guests do not pack the itinerary with a lot of activities but instead make plenty of time to enjoy a day of rest and relaxation at the best resort in Pampanga.

Wedding couples from Manila look to the north for beautiful places in Pampanga to get married or take pictures for the nuptial photo albums. Wedding planners highly recommend Clearwater Resort as a beautiful hotel resort in Clark for prenuptial photo-shoot pictorial.

For inquiries and bookings, Please click here to contact Clearwater Resort for inquiries and reservations now

Clearwater Resort and Country Club, Clark Pampanga
Creekside Road near Centennial Expo,
Clark Freeport, Pampanga Philippines 2023
(045) 889-5151 0917-520-4403 0922-870-5177
Joanne or Jeremy or Loydha

Getting to this lake and beach resort in Pampanga Angeles City Clark Philippines

After entering Clark Freeport from Dau and Angeles City, proceed straight along the main highway MA Roxas, passing the stand-along wine shop called Clark Wine Center on the right, continue to bear right making no turns at all, go past Mimosa Leisure Estate on the opposite side of the road, one will hit a major intersection. Go straight and the road becomes Creekside Road. YATS Clearwater Resort and Country Club is on the right just 200m down.

Family Bonding by the famous lake of Clark Pampanga

http://www.ClearwaterPhilippines.com

Manila Sales Office
3003C East Tower, Phil Stock Exchange Center,
Exchange Rd Ortigas Metro Manila, Philippines 1605
(632) 637-5019 0917-520-4393 Rea or Chay

Email: Inquiry@ClearwaterPhilippines.com

Please click here to contact Clearwater Resort to reserve a venue for your upcoming event now

Wedding couples looking for wedding reception venues and beach wedding venues can log on to this Philippines Wedding Venue web site for free information and assistance:

http://www.PhilippinesWeddingVenue.com

While in Clark, it might be a good idea to enjoy an evening of wine-and-dine in the fine dining Yats Restaurant and Wine Bar that features an award winning 2700-line wine list. It is located in Mimosa Leisure Estate of Clark Freeport Zone. For more information, visit http://www.YatsRestaurant.com

YATS Leisure Philippines is a developer and operator of clubs, resorts and high-class restaurants and wine shops in Clark Angeles Philippines http://www.YatsLeisure.com

While in Clark, one might as well add to the itinerary a visit to the famous Clark Wine Center, the largest wine shop in Philippines which offers over 2000 selections of fine vintage wine from all wine regions, vintages spanning over 50 years covering all price ranges.
http://www.ClarkWineCenter.com

Looking for famous tourists spots, places to visit and see, relax and unwind in Clark, Pampanga, Philippines? You may want to check out these sites also:

http://www.LondonPubClark.com

http://www.HotelClarkPhilippines.com

http://www.ClarkPhilippines.com

http://www.YatsWineCellars.com

For jobs and business investment opportunities in the Philippines please visit http://www.yilp.com

Hot Line for what’s happening in Clark: 045 889-5151 or 0927-940-2669 ask for Loydha

0915-542-6250 (Jeramie)