ADB’s Asia growth forecast highlights importance of services sector


When I opened my (electronic) Financial Times this morning, the headline ‘China slowdown hits Asian growth hopes’ seemed rather gloomy. As an expat European, I was bracing myself for bad news to follow, so was rather cheered to read the actual growth forecast for the region of 6.1%. Whilst that is a downward revision from the 6.9% forecast earlier in the year, compared to the continuing weakness across European economies it is still a very healthy rate of growth.

The article spurred me to check the underlying source – the Asian Development Bank’s Outlook 2012 Update report published today. The report’s summary contains a handy infographic summarising the importance of the services sector as a driver of Asia’s future growth:

 

The detailed report highlights the importance of high valued added subsectors including information, communications and technology (ICT) services, financial services and professional services as being both a growth sectors themselves and also providing spillover benefits to increase growth in other sectors.

About Rob Bratby

International technology, telecoms and outsourcing lawyer.
This entry was posted in ASEAN, Brunei, Cambodia, China, Commercial activity, Government policy, India, Indonesia, Laos, Malaysia, Media, Myanmar, Philippines, Singapore, Technology, Telecoms, Thailand, Vietnam and tagged , , . Bookmark the permalink.

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