PRC demand, with the global rebound in IT and improving domestic demand, is expected to propel growth in the three newly industrialized economies (NIEs) - Korea; Hong Kong, China; and Taipei,China. GDP growth in the NIEs is forecast at 5.1 percent in 2006, up from 4.5 percent in 2005.
Deeper structural, low probability but high impact risks would include a sudden and disruptive adjustment of the global payments imbalances and the outbreak of an avian flu pandemic.
Against the backdrop of robust growth and higher inflation, emerging East Asia's policy options for managing near-term risks comprise a combination of further monetary tightening - through interest rate hikes or currency appreciation, or both - and, in some cases, additional efforts to narrow fiscal deficits and reduce public debt.
Asian Development Bank (ADB), based in Manila, is dedicated to reducing poverty in the Asia and Pacific region through pro-poor sustainable economic growth, social development, and good governance.
Established in 1966, it is owned by 65 members - 47 from the region. In 2005, it approved loans and grants for projects totaling $6.95 billion, and technical assistance amounting to $198.8 million.
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