Asian economies prepare to lead world out of recession

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The Asian Development Bank forecast growth in East Asia's emerging economies - 10 South-East Asian countries plus China, Hong Kong, South Korea and Taiwan - of 4.2% this year and 6.8% for 2010.

That marked an upgrade from earlier forecasts of 3.6% this year and 6.5% next year. With developed economies such as the US set for muted growth, the world is increasingly looking to Asia to drive the global recovery.

David Cohen, chief of Asian forecasting at Action Economics in Singapore, said: "So far, data around the world suggests Asian economies will continue to pace global growth."

Lee Jong-wha Lee, chief economist at the ADB, said: "Emerging Asia is rebounding strongly and growth rates next year are likely to slightly outpace 2008 in most countries."