In assessing the growth prospects this year of the emerging Asian economies, the Asian Development Bank (ADB) has tempered its optimism with caution although it expects a "fairly robust" growth of an average of 7 per cent this year for the region.

In a press briefing on Thursday after his courtesy call on Philippine President Benigno Aquino III in Malacanang, ADB President and Chairman Haruhiko Kuroda said the Bank is " cautiously optimistic" on the emerging Asian economies over the short term due to rising oil prices and the still volatile European financial situation.

According to Kuroda, although there could still be some slowdown compared with 2010 and 2011, "still we expect a fairly robust growth in Asia, particularly emerging Asia or developing Asia and average growth rate could be 7 per cent or 7 per cent plus."

Kuroda said that a 7 per cent growth rate was "still quite a high respectable rate of economic growth" in the region.

For the Philippines, Kuroda said, the country is expected to grow by 5 per cent this year, and 6 per cent to 7 per cent in the medium and long term.

Last year, the Philippines had a dismal full-year growth of only 3.7 per cent, much lower than the government forecast of 4.5 to 5.5 per cent.

Earlier, the International Monetary Fund (IMF) has cut also its growth projection even for the better-performing ASEAN region, which includes the Philippines, citing a mild recession likely to happen in Europe this year that may dampen growth of other areas.

The IMF now sees the ASEAN 5--composed of the Philippines, Indonesia, Malaysia, Thailand and Singapore-posting an average growth of 5.2 this year and 5.6 per cent in 2013 on the back of the prolonged crisis in the eurozone.

The Daily Sun/Bangladesh/ 5th March 2012