Asia’s economic growth will tumble to the slowest pace since the 1997-1998 Asian financial crisis, the Asian Development Bank (ADB) said in a report released Tuesday. “The short term outlook for the region is bleak as the full impact of the severe recession in industrialized economies is transmitted to emerging markets,” said Jong-Wha Lee, acting chief economist for the ADB. The Asian Development Outlook 2009 forecasts that economic growth in developing Asia will slip to 3.4 percent in 2009, down from 6.3 percent last year and 9.5 percent in 2007.
