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Pedestrians walk past a logo of the Asian Development Bank headquarters in Manila |
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HONG KONG: Economic growth in emerging East Asia was stronger than expected in the first half this year but soaring capital inflows have become a big concern, the Asian Development Bank (ADB) said on Thursday.
Strong consumption and external demand have led to robust growth in many of the countries in the area, especially China, and this should see emerging East Asia expand 8.1 percent this year and 7.9 percent in 2008.
At the same time, soaring capital inflows, which hit a record 269 billion dollars in 2006, make for increasing pressure on currency appreciation and fast-rising asset prices, the ADB said in a semi-annual report on East Asia.
This has prompted the Chinese authorities to further tighten monetary policy, a move welcomed by Lee.
