ADB forecasts 7% growth for Asian economy

Asian Development Bank (ADB) President Haruhiko Kuroda said the bank predicts the Asian economy will grow about seven percent this year, Japan's public broadcaster NHK reported Friday. "Aggressive fiscal stimulus measures will help the Chinese economy to regain strength. Other Asian economies will also maintain firm growth," Kuroda was quoted as saying in an interview. Kuroda forecast that China, the world's second-largest economy, will grow about eight percent this year, exceeding the figure for last year. "The labor force in China will decline over the long term, resulting in an economic slowdown," he said. But Kuroda was optimistic about the long-term growth prospects for Asia, predicting that India, with its large population, and other emerging countries, including Vietnam, will become the next leaders of Asia's growth. The ADB is a multilateral development finance institution dedicated to reducing poverty in Asia and the Pacific. Established in 1966, it has now owned by 67 members, mostly from the region, as well as the US, the UK and Germany.