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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Asia capital losses at 9.6 trillion dollars in 2008: ADB AFP - 2 hours 8 minutes ago MANILA (AFP) - - Financial assets in Asia lost 9.6 trillion dollars in value in 2008, slightly more than a year's worth of GDP, the Asian Development Bank said on Monday. ADVERTISEMENT It said Asia was hit especially hard as the global downturn led to an estimated 50 trillion dollars in capital losses around the world. "Asia was hit harder than other parts of the developing world because the region's markets have expanded much more rapidly," the Manila-based bank said in a new study. It said losses in Asia, not counting Japan, amounted to more than a year's worth of gross domestic product. "Losses on financial assets in developing Asia in 2008 totalled 9.6 trillion dollars, or just over one year's worth of GDP." ADB president Haruhiko Kuroda, speaking to delegates at a bank conference where the study was released, said he feared the region's economies would suffer further before they start to bounce back. "This is by far the most serious crisis to hit the world economy since the Great Depression. While this crisis originated in the US and some European countries, by now no region or country is insulated," Kuroda said. "I am afraid things may get worse before they get better." The ADB, in a statement, said it estimated the losses in equity and bond markets, including those backed by mortgages and other assets. It also took into account the depreciation of many currencies against the US dollar. Financial derivatives such as credit default swaps were not included in the study, it said. The data, it said, "provides clear proof of the close connection between the markets and the economies around the world" which left "few, if any, countries immune to financial or economic fallouts elsewhere." Economic recovery in the region may not begin until late 2009 or even early 2010, the study said. Most emerging markets, including Asia and Latin America, are at a "crossroads," the study said, adding that the next 12 to 18 months "will be very difficult." Kuroda said that while some countries in South Asia had less exposure to the crisis, they would still remain vulnerable since export earnings and dollar remittances were likely to soften. He did not name specific countries. "The impact could manifest itself in the form of unemployment and a reduction in GDP," Kuroda said. He also warned that the outflow of foreign direct investment could depress equity markets and contribute to "conservative" lending strategies. The ensuing credit crunch would then seriously affect small businesses, he said. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy Japan's Nikkei index closes at 26-year lowAP - 1 hour 15 minutes ago Asia capital losses at 9.6 trillion dollars in 2008: ADBAFP - 2 hours 8 minutes ago Asian stocks sink amid anxiety over world economyAP - 2 hours 12 minutes ago Japan logs record current account deficitAFP - Monday, March 9 Related Articles: Business US-BUSINESS SummaryReuters - 33 minutes ago S.Korea's Kookmin Bank to raise $193 mln in new shrsReuters - 35 minutes ago China stocks drop 3.4 pct before economic dataReuters - 39 minutes ago Taiwan UMC's Feb sales fall 57 pct from year agoReuters - 50 minutes ago FOREX-Dollar edges up vs euro but market lacks appetiteReuters - 56 minutes ago Enlarge Photo Asia capital losses at 9.6 trillion dollars in 2008: ADB Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Russian media teases Clinton over 'reset' button Business groups slam German nationalisation bill Bleak jobs report dampens hopes for US recovery 651,000 jobs lost as US hits 25-year jobless high Zimbabwe PM hurt, wife killed in car crash: party View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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