The outlines of an Asian employment crisis are already taking shape. Strong economic growth alone will not solve the [region's] problem. |
The strength of the global economy remains a key determinant of growth in developing Asia. The major industrial economies are expected to grow close to potential and global trade will remain firm this year. |
This is a change of historic proportions that will pose huge development challenges. You saw what happened with one flood in Bombay last year -- we could see similar and growing risks across Asia. |
We are already witnessing major strains in many of our developing countries, |
We are seeing a huge increase in all import bills. Some of them are beginning to feel pressure on the external balance of payments. Fiscal strains in India, Indonesia, Bangladesh are particularly huge. |
We see more affluent youth going in for consumption, which is something that's very new for this part of the world. |
We will have to revise our projections downwards if oil prices remain at 70 dollars a barrel. |