Remittances, growth forecast for developing Asia

By Randell Tiongson on December 19th, 2009

    Philippine Remittances reach highest level

  • A new record high for remittances was seen this Oct, reaching $1.53 bln.
  • This was up by 6.7% Yoy and was better than the previous high of $1.49 bln established in the month of  June.
  • Remittances year to date totaled $14.3 bln, up 4.5% YOY
  • ADB raises growth forecast for developing Asia

  • The Asian Development Bank raised growth forecasts for Asia’s developing economies
  • Regional economies should grow +4.5% in 2009 and +6.6% in 2010.
  • Three months ago the ADB’s forecast was a +3.9% in 2009 and +6.4% in 2010
  • This signifies expectations of a V-shaped recovery for EMA
  • Essentially, the higher forecast was due to better than expecetd growth in the third quarter of 2009.
  • However they also warned against any “hasty withdrawal of stimulus packages”.
  • “If done too soon, recovery may be at risk; if too late, fiscal deficits and monetary expansion could become unsustainable and inflationary.”
  • Inflation is expected to be muted in short term but expected to pick up in medium term.
  • Emerging markets expected to attract capital flows given higher growth relative to developed economies.
  • Risk to EMA growth is a short-lived recovery of more developed global economies.

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Remittances, growth forecast for developing Asia