Asian Development Outlook 2012 Update

Asian Development Outlook 2012 Update

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According to the findings in the Asian Development Outlook 2012 Update, dimming global growth prospects and soft domestic demand in the regiona€™s two largest economies are slowing the pace of developing Asiaa€™s expansion. Growth is now expected to slide from 7.2% in 2011 to 6.1% in 2012, with a bounce back to 6.7% in 2013. The possibility of a shock emanating from the unresolved euro area sovereign debt crisis or a sharp fiscal contraction in the United States pose the biggest downside risks to the economy. Fortunately, most developing Asian economies have room to counteract such shocks with fiscal and monetary policy. However, there is currently no regionwide need for countercyclical policy intervention.The delayed monsoon and higher global food prices are likely to saddle FY2012 with higher food inflation, which is already ... to 8.2% in FY2012, from the earlier forecast of 7.0%, then forecasts a downward trend to 7.0% in FY2013 (Figure 3.4. 15). ... While the widening of the service tax net and increase in excise duties and service tax rates will provide a buffer, lower growth will take a toll on tax revenue.

Title:Asian Development Outlook 2012 Update
Author: Asian Development Bank
Publisher:Asian Development Bank - 2012-10-01

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