The Global Economic Crisis Challenges for Developing Asia and ADB’s Response

Abstract

This paper provides a brief overview of the evolving economic crisis in developing Asia and the Asian Development Bank’s (ADB) response. Section II describes the main drivers of the crisis in the region and the major impacts on ADB’s developing member countries (DMCs). The region’s crisis response, including actions and reforms already initiated by DMCs, is discussed in 1 Developing Asia refers to ADB’s 44 developing member countries and to Brunei Darussalam, which is an unclassified regional member. Section III. Section IV examines important policy issues the crisis has raised for developing Asia and summarizes the reforms DMCs should undertake to respond in the short run and to strengthen their resilience to external shocks in the longer term. Section V presents ADB’s plan to help its DMCs restore sustained growth and social progress. Section VI concludes the paper.