The 2009 financial downturn interrupted strong growth trends seen in Asia and the Pacific in 2007, but it did not have the lasting serious impact on the region experts initially feared, Asian Development Bank President Haruhiko Kuroda noted in the foreword of the bank’s flagship annual statistical publication. The “Key Indicators for Asia and the Pacific 2010” report concludes that Asia showed more resilience to the crisis than what was initially expected. It argues that while gross domestic product growth rates were lower across Asia and the Pacific in 2009, larger economies such as India and China managed to post healthy economic expansion. The economies of Bangladesh, Vietnam and Indonesia also performed strongly in 2009 despite the crisis, ADB said in a news release.

    About the author

    • Ivy Mungcal

      As former senior staff writer, Ivy Mungcal contributed to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean, and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.