Friday, June 12, 2009

ADB Asia can't rely on US consumers for growth

Asia can't rely on exports to the United States for long-term economic growth, because U.S.

consumers will buy less as they increase savings and pay down debt, Asian Development Bank President Haruhiko Kuroda said on Friday.

''I'm optimistic on Asia's short-term outlook but pessimistic on the long term,'' Kuroda said in a speech in Tokyo.

''The U.S. savings rate could rise to as high as 10 per cent and suppress consumption. It's becoming impossible for Asia to rely on the U.S. consumer.''

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