Developing countries in Asia are proving to be more resilient to the global economic slowdown than was previously expected. Somewhat stronger growth is expected for both this year and next. Developing Asia as a whole is proving to be more resilient to the global economic slowdown than was expected when Asian Development Outlook 2009 (ADO 2009) was published in March this year. Consequently, this Update sees somewhat stronger growth for both this year and next than was earlier forecast.

This edition sees developing Asia emerging from the recent crisis and posting a strong recovery in the next 2 years, as a moderate global recovery supports a modest revival in global trade. Investment is expected to remain strong and private consumption is anticipated to improve. Inflation will pick up, but at manageable levels

Developing Asia's economies proved their resilience in the face of a tremendous external shock

The adoption of accrual budgeting and accounting by developing country governments is controversial. Supporters emphasize the benefits and the successful experiences of developed countries

This document provides a summary of the main discussions held in the framework of regional consultations, which were held for the Asia-Pacific region in April and may 2008 for the preparation for the third high-level Forum on improving aid effectiveness (HLF-3), scheduled for 2-4 September 2008 in Accra, Ghana