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.

Private resort near Manila is highly recommended for families with children to relax and unwind. This hotel in Clark is a frequently visited place for family bonding also.

This private resort in Pampanga is a popular beach hotel in North Luzon for company outings, team building and family retreats also. It is one of the few private places where guests can enjoy a stress free lifestyle in a tranquil and peaceful environment that offers a calming effect for those visitors from Manila stressed out from work. Clearwater is one of the best hotels in Clark. This resort in Pampanga is a very popular venue for rest and relaxation especially for golfers after a round of golf at one of the best golf courses near Manila. Clark is home to some of the best golf courses in Pampanga and guests staying in one of the good resorts in Clark can make arrangements to have a round of golf nearby.

Residents of Manila travel out of town to the north in search for nice private resort in Pampanga. Highly recommended lodging in Clark Philippines, Lake House at Clearwater Resort. These rooms offer a beautiful view of the famous lake in Clark Philippines, a peaceful and tranquil ambience that supports a leisure lifestyle with no stress and abundant calming effects that visitors from Manila stressed out from work really prefer.

Residents of Manila and other crowded cities in Pampanga like Angeles City and San Fernando travel to Clark to enjoy a peaceful day in Clearwater Resort and Country Club for their birthdays. Here in this well known resort in Pampanga, families and friends gather to celebrate a birthday while relaxing and enjoying a stress-free day in the outdoors, by the lake or among the large trees in the picnic grounds of this popular hotel in Clark Pampanga. Parents and adults are not the only ones who enjoy the clean and safe outdoor facilities of this highly recommended resort in Clark Pampanga. Children have fun with the outdoor facilities, the beach, the water sports, the kayak and rowboats and also the bikes and air-soft guns too. Here in this peaceful lake and beach resort in Pampanga, guests enjoy a memorable day while attending a birthday celebration.

A good treat for holidays and a good place to unwind in the Philippines can be a trip to Clark Pampanga. Visitors to Angeles City and Clark Subic can unwind and relax in the best resort in Pampanga Clearwater in Clark Philippines, a frequently visited hotel near Angeles City where kids can enjoy themselves playing in the safe and clean outdoor facilities. Tourists looking for a place to go in Pampanga and holiday destinations in the Philippines highly recommend a day trip to this private resort in Clark Pampanga Philippines, the best hotel in Clark, a place with beautiful and peaceful ambience where guests can relax and unwind in safety. Clearwater is generally regarded as the best hotel in Clark Pampanga and tourists traveling with children cannot agree with this more, as kids really love the safe and clean outdoor facilities of this private resort in Pampanga. Manila residents, local and foreign tourists visiting Pampanga Angeles City Clark Philippines frequently visit the famous lake of Clark Freeport to enjoy the peace and quiet outdoor facilities of this resort in Angeles City Clark Subic. Families with children organize reunion and retreat in the famous Clearwater Resort and Country Club, well recognized as the best hotel in Pampanga and a good deluxe resort to enjoy outdoor activities in a safe and secured place inside Clark Philippines.

Quiet place for rest and relaxation near Manila, in Subic, Angeles City Pampanga and Clark Philippines is something that residents of Manila travelling to the north for a short getaway are looking for. Golf is one of the most popular sports in Clark Philippines because here one can find some of the best golf courses in Pampanga.

Many visitors travelling to Clark for a short getaway from Manila to unwind and relax away from the city are pleasantly surprised to find a nice beach with white sand in Pampanga. A number of weddings took place around this area which is called the Discovery Cove of Clearwater Resort. Beach ceremony takes place on the white sand and the outdoor garden reception is held for 100 to 500 in the lawn areas just meters away.

A small swimming pool and a swimming lagoon are attached to the beach. Together, these swim spots make for a complete day in the waters for all members of a family. Near the beach and pools are the Lakeside Lodges which are among the highly recommended lodgings and hotel accommodation in Clearwater Resort. Visitors to Angeles City, Pampanga, Clark Philippines frequently visit this resort to enjoy the beach and swimming pools. Many spend the night to enjoy the ambience of the resort some more. Clearwater is well regarded among frequent visitors to Clark as one of the best resorts in Pampanga.

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)