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ADB meeting kicks off amidst global economic crisis

05-04-2012 08:05 BJT

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The Asian Development Bank has begun a 4-day annual meeting in the Philippine capital Manila. And as CCTV’s Barnaby Lo reports, high on the agenda is inclusive growth – as Asia leads the global economic recovery.

More than 4,000 delegates from all over the world – most of them political leaders and financial movers – gathered at this convention hall in the Philippine capital Manila.

 

Asian Development Bank (ADB) President Haruhiko Kuroda speaks during a news
conference on the first day of the ADB's 45th Annual Meeting of the Board of
Governors in Manila May 2, 2012.

Where the Philippine government unveiled an art exhibit, featuring some of the country’s top industries as it rolls out the red carpet for the 45th annual meeting of the Asian Development Bank.

Reporter: “For the first time in 12 years, Manila is hosting the annual meeting of the Asian Development Bank. It comes at a time when investor confidence in the Philippines is high. But a huge portion of the population here remains poor, and the same is true for other emerging Asian economies. This is why one of the major issues being tackled in this year’s meeting is how all levels of society can benefit from this economic growth.”

According to ADB’s 2011 annual report, close to 2 billion people live on $2 a day and in Asia, close to a billion survive on just a little over a dollar.

ADB president Haruhiko Kuroda said, “The very drivers of Asia’s economic success, for instance, new technology, globalization, and market-oriented reforms, have also served to create and increase disparities within and among Asian countries.”

A gap between the rich and the poor that’s growing wider even with a steady GDP growth of about 7 percent for the whole region in the last two years and that’s despite the sluggish economic recovery in the United States and the ongoing Eurozone crisis.

Haruhiko Kuroda said, “The worst phase of the Eurozone crisis maybe over. On the other hand, there are still some fundamental issues remaining, and at this stage, we do not expect serious impact coming from Europe to Asia.”

Kuroda says some $8 trillion is needed in the next ten years to build more infrastructure in Asia.

The ADB has secured more than $12-billion in development funds for this year.

But none of it will go to Myanmar. That’s despite recent political and economic reforms.

Haruhiko Kuroda said, “We cannot provide any financial assistance until and unless arrear is clear.”

But for the rest of ADB’s 67 members, the hope is that any assistance.

World Bank's East Asia and Pacific Regional Vice President Pamela Cox (L) and a
Filipino social worker talk to families receiving financial help from the
government's Conditional Cash Transfer program in Taguig, Metro Manila May 3, 2012.

World Bank's East Asia and Pacific Regional Vice President Pamela Cox (L) speaks to
housewives receiving financial help from the government's Conditional Cash Transfer
program in Taguig, Metro Manila May 3, 2012.

 

 

Editor:Zhang Rui |Source: CNTV.CN

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