13 Aug '11, 6pm

Asian economic ministers say debt crisis threatens regional growth

Asian economic ministers say debt crisis threatens regional growth

MANADO, Indonesia: Asian economic ministers on Saturday predicted a slowdown in regional economic growth this year amid the European debt crises and planned spending cuts in the United States. The ministers said the developing economies of the 10-state Association of Southeast Asian Nations (ASEAN) grew at a collective 7.5 percent in 2010, but predicted this could slip to below six percent this year. "The ministers noted that there are continuing challenges and downside risks including the sovereign debt crisis and fiscal problems in some developed markets, rising food and commodity prices, (and) continued financial market stresses," the ministers said in a statement after a meeting in Indonesia. "The ministers agreed that ASEAN should remain vigilant in the face of these risks." Economic growth in the ASEAN economies would be between 5.7 percent and 6.4 percent in 2011, w...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

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