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☆ China still seeing growth despite challenges, ADB chief economist says
▼ + stars: | 2024-05-03 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina still seeing growth despite challenges, ADB chief economist saysAlbert Park, chief economist at the Asian Development Bank, speaks to CNBC's Dan Murphy at ADB's annual meeting about the economic challenges China is facing.

Persons: Albert Park, CNBC's Dan Murphy Organizations: China, ADB, Asian Development Bank Locations: China

☆ We still expect that inflation in the Asia-Pacific will 'moderate,' ADB economist says
▼ + stars: | 2024-04-11 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe still expect that inflation in the Asia-Pacific will 'moderate,' ADB economist saysAlbert Park, chief economist at the Asian Development Bank, says it expects inflation in the region will fall from 3.3% last year to 3.2% this year and 3.0% next year.

Persons: Albert Park Organizations: ADB, Asian Development Bank Locations: Asia, Pacific

☆ China will remain the world's No. 1 growth driver, says the Asian Development Bank
▼ + stars: | 2024-04-11 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +1 min

Flag of China on dark blue background Da-kuk | E+ | Getty ImagesChina will remain the largest growth engine for the world economy in spite of its slowdown, the Asian Development Bank said. ADB forecasts China to post annual GDP growth of 4.8% in 2024, lower than the government's target of "around 5%." watch nowEven with slower growth, ADB data estimated China will account for 46% of growth in developing Asia in 2024-2025. China currently accounts for 18% and 48% of global and Asian GDP, respectively, based on purchasing power parities exchange rates, a metric used by the ADB, World Bank and International Monetary Fund. ADB expects the country's growth to be the highest in the region, at 7% in 2024 and 7.2% in 2025.

Persons: Albert Park, … it's Organizations: Getty, Asian Development Bank, ADB, World Bank, International Monetary Fund, CNBC Locations: China, Asia, India

☆ F1's net-zero pledges are colliding with its ambitions to go truly global
▼ + stars: | 2024-04-01 | by ( Chris Hawes | ) www.cnbc.com time to read: +7 min

Oscar Piastri of McLaren during the Formula 1 Saudi Arabian Grand Prix at Jeddah Corniche Circuit in Jeddah, Saudi Arabia on March 9, 2024. But with the Japanese Grand Prix this coming weekend, F1's beleaguered boss Stefano Domenicali will finally be able to provide a rebuttal. F1's growing ambitions in the Middle East and the U.S. have at times transcended the sport. Las Vegas airports dealt with 400 private jets arriving for the Grand Prix, while Singapore saw a 63% increase in September flight arrivals compared to the previous year when its Grand Prix was pushed into October. Third placed Carlos Sainz of Spain and Ferrari celebrates on the podium during the F1 Grand Prix of Italy at Autodromo Nazionale Monza on September 03, 2023 in Monza, Italy.

Persons: Oscar Piastri, Stefano Domenicali, Alexander De Croo, Domenicali, Clive Mason, Stephane Bazire, Bazire, I've, Stefano, Colin Syn, We've, Francois Dumontier, Madeleine Orr, Paul Fowler, Carlos Sainz of, Dan Istitene Organizations: McLaren, Formula, Saudi, Jeddah Corniche, Nurphoto, Getty, United Arab, U.S, Belgian, Formula One, of Australia, Albert, Circuit, F1, Silverstone, CNBC, Las, Prix, Singapore, Singapore Grand Prix, Canadian, Italy's Emilia, Grand Prix, Williams, DHL, Ferrari, of, Autodromo Nazionale Monza Locations: Jeddah, Jeddah Corniche Circuit, Saudi Arabia, Belgium, Monza, Italy, Monaco, United Arab Emirates, Europe, America, Las Vegas, Singapore, Japan, Miami, Grand, Canada, Australia, Carlos Sainz of Spain

☆ China de-linking talk is overdone and it's still key to the global economy, Asian Development Bank says
▼ + stars: | 2024-02-26 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +1 min

China is still a critical trading partner for many countries across the world, and the often-used narrative of the superpower being delinked from the global economy is overdone, says the Manila-headquartered Asian Development Bank. "China's still probably the number one trading partner for the majority of countries in the world," ADB's Chief Economist Albert Park told CNBC. Although there have been parts of overall trade with China that have declined, the country's engagement and importance in the global value chain has not diminished, said Park. However, the economic powerhouse remains a top trading partner to over 120 countries, and is still the largest trading partner to Japan, South Korea, Taiwan and Vietnam, according to U.S. think tank Wilson Center. He added that even following the trade conflict started by former U.S. President Donald Trump in 2018, China's importance in the global value chain has not slumped.

Persons: China's, Albert Park, Donald Trump Organizations: Asian Development Bank, CNBC, Wilson, U.S Locations: China, Manila, Japan, South Korea, Taiwan, Vietnam

☆ China's property crisis weighs on developing Asia's 2023 growth outlook - ADB
▼ + stars: | 2023-09-20 | by ( Enrico Dela Cruz | ) www.reuters.com time to read: +2 min

Updating its regional economic outlook, the ADB trimmed its 2023 growth forecast for developing Asia to 4.7%, from 4.8% projected in July. But the growth forecast for next year for the grouping, which consists of 46 economies in the Asia-Pacific and excludes Japan, Australia and New Zealand, was revised slightly upwards to 4.8% from 4.7% previously. China's property crisis "poses a downside risk and could hold back regional growth," the ADB said in its report. The Manila-based lender maintained its 2024 growth forecasts for China and India at 4.5% and 6.7% respectively. While growth has so far been robust and inflation pressures are receding in developing Asia, Park said governments need to be vigilant against the many challenges the region faces, including food security.

Persons: Thomas Peter, Albert, Park, Enrico Dela Cruz, Mikhail Flores, Kanupriya Kapoor Organizations: REUTERS, Rights, Asian Development Bank, ADB, East, Thomson Locations: Beijing, China, Rights MANILA, Asia, El, Pacific, Japan, Australia, New Zealand, East Asia, South Asia, Southeast Asia, India, Manila

☆ Asian Development Bank trims growth forecast for region, dampened by Chinese property sector weakness
▼ + stars: | 2023-09-20 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

The Asian Development Bank trimmed its 2023 growth forecast for the region to 4.7% on the back of China's embattled property sector and a persistently high interest rate environment. "The PRC's property market poses a downside risk and could hold back regional growth," ADB said in its outlook report released Wednesday. China's property sector has languished ever since Evergrande defaulted in 2021. ADB also lowered its China growth forecast from 5% to 4.9%. "Although inflation is coming down, prices are still somewhat elevated and we're seeing with high interest rates, cautious attitude by some investors in different parts of the region."

Persons: Evergrande, Albert Park, CNBC's, El Niño Organizations: Asian Development Bank, ADB Locations: China's, China, Southeast Asia

☆ Asian Development Bank cuts growth forecast for developing Asia
▼ + stars: | 2023-09-20 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAsian Development Bank cuts growth forecast for developing AsiaAlbert Park, chief economist at the Asian Development Bank, says slowing external demand is starting to weigh on manufacturing in a number of economies in the region, including China and Southeast Asia.

Persons: Asia Albert Park Organizations: Asian Development Bank Locations: Asia Albert, China, Southeast Asia

☆ Pandemic, inflation push 68 million more in Asia into extreme poverty, Asian Development Bank says
▼ + stars: | 2023-08-24 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Danish Siddiqui/File Photo Acquire Licensing RightsMANILA, Aug 24 (Reuters) - The coronavirus pandemic and rise in cost of living have pushed close to 70 million more people in developing Asia into extreme poverty as of last year, the Asian Development Bank said, eroding efforts to combat deprivation. Developing Asia consists of 46 economies in the Asia-Pacific and excludes Japan, Australia and New Zealand. "Asia and the Pacific is steadily recovering from the COVID-19 pandemic, but the increased cost-of-living crisis is undermining progress toward eliminating poverty," said ADB Chief Economist Albert Park. Extreme poverty is defined as living on less than $2.15 a day, based on 2017 figures. Developing Asia was on track to grow 4.8% this year from a year earlier, faster than the previous year's 4.2% expansion, the ADB said in July.

Persons: Danish Siddiqui, Albert Park, Karen Lema, Lincoln Organizations: REUTERS, Danish, Rights, Asian Development Bank, ADB, Thomson Locations: Pitha, Uttarakhand, India, Asia, Pacific, Japan, Australia, New Zealand

☆ China's cautious consumer confidence is dampening economic recovery, says ADB
▼ + stars: | 2023-07-19 | by ( Sumathi Bala | ) www.cnbc.com time to read: +1 min

China's cautious consumer confidence has been a "a dampener" for its fragile recovery, according to Albert Park, chief economist at the Asian Development Bank. On Monday, the world's second largest economy reported second quarter GDP numbers that largely missed expectations. China's economy grew 6.3% from a year ago in the quarter ending June, while retail sales for June rose by 3.1%, fueling concerns its post-Covid growth is faltering. "What we really hope is that China's consumers and businesses will regain confidence to start spending more and to invest more," Park told CNBC's "Squawk Box Asia" on Wednesday. "We're seeing their caution in this respect really being a dampener that's causing the sluggish recovery in China."

Persons: Albert Park, CNBC's Organizations: Asian Development Bank Locations: China

☆ China's property sector recovery could be 'sluggish' for quite a while, ADB economist says
▼ + stars: | 2023-07-19 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina's property sector recovery could be 'sluggish' for quite a while, ADB economist saysAlbert Park, chief economist of the bank, says the caution of Chinese consumers and businesses is the "dampener" behind China's sluggish economic recovery.

Persons: Albert Park

BEIJING, May 18 (Reuters) - China needs to level the playing field between private and state owned firms, the Asian Development Bank's chief economist said on Thursday, adding that the world's second-largest economy risks "wasting a tonne of money" with a state-led growth model. The Manila-based lender "consistently" raises with China the importance of improving the business environment and the sustainability of the country's development, he said, while noting that a one percentage increase in growth in China can increase growth in developing Asia by 0.3%. The comments come amid growing signs that China's post-COVID economic recovery is losing steam, intensifying pressure on policymakers to shore up wobbly growth. Private fixed-asset investment rose only 0.4% last month, in sharp contrast to the 9.4% jump in investment by state entities, indicating weak business confidence. "If you look at the history of China's economic development, a lot of the gains in growth, productivity, and employment have come from the non-state sector," he added.

☆ In race for efficient EVs, Mercedes taps F1 team to keep up with Tesla
▼ + stars: | 2023-05-02 | by ( ) www.cnbc.com time to read: +6 min

In this article MBG-FF Follow your favorite stocks CREATE FREE ACCOUNTLewis Hamilton of Great Britain drives the Mercedes AMG Petronas F1 Team W13 on race day during the 2023 Australian Grand Prix at Albert Park on April 2, 2023 in Melbourne. But Mercedes' F1 collaboration to build more efficient EVs faster is unprecedented because it embeds that racing mindset and technological expertise directly in product development. After decades of leadership in combustion-engine technology, legacy carmakers like Mercedes have lagged Tesla in electric vehicles. Mercedes' F1 team can help it get back in the race, said Steven Merkt, head of transportation solutions at TE Connectivity , a major autos supplier. Last year, Mercedes unveiled its EQXX concept car, a super-efficient EV capable of a range of more than 1,200 km (745 miles), which was jointly developed with the German premium carmaker's F1 team in England.

☆ China's reopening brightens developing Asia's 2023 growth outlook - ADB
▼ + stars: | 2023-04-04 | by ( Karen Lema | ) www.reuters.com time to read: +3 min

Developing Asia, which groups together 46 economies in the Asia-Pacific, is forecast to grow 4.8% in 2023, the ADB said in its Asian Development Outlook report, more than its previous estimate of 4.6% in December, and following 4.2% growth in 2022. China's reopening "is really going to create the strongest kind of support for growth in the region this year," ADB Chief Economist Albert Park told Reuters. And while China's embattled property sector "remains a point of concern", Park said the upside risks to China's growth outlook outweigh downside risks. "If life really returns to normal quickly and confidence comes back, growth could even be higher than 5% which would be obviously even better for the region," Park said. Currently, the ADB forecasts oil prices to average $88 a barrel this year and $90 next year.

☆ Asia faces 'tough decisions' on inflation as oil prices rise, ADB says
▼ + stars: | 2023-04-04 | by ( Sumathi Bala | ) www.cnbc.com time to read: +1 min

Higher oil prices will challenge regional governments to make "tough decisions" on inflation, said Albert Park, chief economist at the Asian Development Bank. As a result, the latest sudden OPEC+ oil production cut could lead to a spike in prices, the economist added. "With the OPEC oil price increase and the expected rising demand coming from China, we could see oil prices go beyond our forecast of $88," he told CNBC "Squawk Box Asia" on Tuesday. "That would put pressure on the region because higher oil, obviously, increase costs of production. This puts "a lot of pressure" on regional governments to make "some tough decisions about trying to control inflation and support economic recovery," the economist added.

☆ We're still quite bullish on China and have raised our 2023 growth forecast: Asian Development Bank
▼ + stars: | 2023-04-04 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe're still quite bullish on China and have raised our 2023 growth forecast: Asian Development BankAlbert Park, chief economist at the bank, says it has upgraded its 2023 growth forecast for China from 4.3% to 5%.

☆ Formula One under scrutiny over balance between safety and entertainment
▼ + stars: | 2023-04-03 | by ( Ian Ransom | ) www.reuters.com time to read: +4 min

Stewards had hoped racing would decide the winner but the carnage only served to trigger a third red flag and a processional win behind a safety car for Red Bull's Max Verstappen. DAMAGE BILLSStriking the right balance between safety and sport has long challenged Formula One, which moved to tighten its safety car rules after controversy hit the title-deciding 2021 Abu Dhabi Grand Prix. Officials no longer have such discretion but the application of safety car rules continues to flummox drivers and team bosses alike. Mercedes boss Toto Wolff said he was not sure when to expect a standard safety car versus a virtual one or a red flag after incidents. "Standing starts are the most vulnerable part of any grand prix and we did three of them," said Red Bull boss Christian Horner.

MELBOURNE, April 2 (Reuters) - World champion Max Verstappen and team mate Sergio Perez were among drivers to criticise the officiating at a chaotic Formula One Australian Grand Prix on Sunday, which finished under a safety car after the race was restarted three times. Red Bull's Verstappen told reporters the decision to restart the race from the grid a second time, for what should have been a two-lap sprint to the finish, led to multiple collisions that took four cars out of the race. "They (race officials) created the problems themselves at the end of the day." F1 has boomed in popularity after a thrilling 2021 season was decided by a controversial officiating decision on the final lap of the last race. "The whole point of red flagging, it feels like it was just to put on a show," McLaren's Lando Norris, who finished sixth, told reporters.

☆ Team by team analysis of the Australian Grand Prix
▼ + stars: | 2023-04-02 | by ( ) www.reuters.com time to read: +4 min

ASTON MARTIN (Fernando Alonso 3, Lance Stroll 4)Alonso's third third-place finish in three races for the team he joined this season from Renault-owned Alpine. The Spaniard started fourth, dropped to fifth but was third by the second red flag. Russell pulled up with his car flaming at the rear on lap 18, triggering a virtual safety car. He had fought back from 11th after pitting during the second safety car period, just before the first red flag. The German was fourth at the final red flag but the positions were reset to the previous grid because no sector had been completed.

☆ Verstappen wins Australian Grand Prix after red flag chaos
▼ + stars: | 2023-04-02 | by ( Ian Ransom | ) www.reuters.com time to read: +3 min

Summary Verstappen wins his second race of the seasonHamilton finishes runner-up ahead of AlonsoRace interrupted by red flags, crashesMELBOURNE, April 2 (Reuters) - Max Verstappen was crowned Australian Grand Prix winner on Sunday after two late red flags and a slew of crashes threw the race into chaos before the Red Bull driver was allowed a processional victory lap around Albert Park. That allowed Verstappen to claim his second win of the season ahead of Hamilton with Aston Martin's Fernando Alonso third. Red Bull have now claimed all three grand prix wins in the new season, a record for the team, resuming their dominance after their runaway success in 2022. The Dutchman now has 69 points in the championship race, 15 ahead of team mate Sergio Perez. Verstappen opened up a big gap before the late red flags saw the race turn from procession to drama and back again.

☆ Verstappen takes pole for Red Bull at Australian Grand Prix
▼ + stars: | 2023-04-01 | by ( ) www.reuters.com time to read: 1 min

MELBOURNE, April 1 (Reuters) - Max Verstappen took pole position for Red Bull at the Formula One Australian Grand Prix on Saturday. Mercedes driver George Russell joins Verstappen on the front row for Sunday's race at Albert Park after making the second-fastest lap, with Lewis Hamilton to start third. Red Bull's Sergio Perez will start from the back of the grid after skidding off track and beaching himself in gravel in the first session of qualifying. Reporting by Ian Ransom in Melbourne; Editing by William MallardOur Standards: The Thomson Reuters Trust Principles.

☆ Verstappen fastest in first practice at Australian Grand Prix
▼ + stars: | 2023-03-31 | by ( Ian Ransom | ) www.reuters.com time to read: +2 min

MELBOURNE, March 31 (Reuters) - Formula One world champion Max Verstappen topped the timesheets for Red Bull before taking a late spin at Albert Park in an eventful first free practice at the Australian Grand Prix on Friday. The Dutchman lapped the lakeside circuit in one minute, 18.790 seconds, nearly half a second quicker than second fastest Lewis Hamilton of Mercedes, as two red flags disrupted the session. A second red flag cut the session short by a few minutes as Williams rookie Logan Sargeant came to a halt on track-side grass with an apparent power failure. Verstappen finished his session with a bit of drama, taking a big spin at turn four to ruin his tyres. But he squeezed in a fast lap between the red flags to sandwich himself between Verstappen and Perez's times.

☆ F1 needs Perez to keep performing at his best
▼ + stars: | 2023-03-20 | by ( Alan Baldwin | ) www.reuters.com time to read: +3 min

LONDON, March 20 (Reuters) - Sergio Perez may have had his best race yet in Sunday's Saudi Arabian Grand Prix but Formula One desperately needs the Mexican to keep it up in a season turning into a tale of two Red Bull team mates. Verstappen won 15 of the 22 races last year to Perez's two triumphs. "We've had those years where we were as strong, but it's a meritocracy," the Austrian told reporters when asked about the sport's popularity taking a hit if Red Bull kept winning everything. Perez agreed: "I think we did a great job," he said of the race in Jeddah. "I don't know if it's my best weekend so far with the team, but I'm sure Melbourne will be even better."

☆ China's reopening brings both risks and opportunities, Asian Development Bank says
▼ + stars: | 2022-12-15 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +3 min

watch nowChina's reopening could bring opportunities as well as risks to its economy, Albert Park, chief economist at the Asian Development Bank told CNBC. His comments came a day after Hong Kong further eased travel and mobility measures. It's been surprising how quickly businesses in Hong Kong have bounced back, and those that left Hong Kong due to its stringent measures in the past are ready to return as well, claimed Zeman. "They've been so pleased with the result of yesterday and many are planning their trips back," he said, referring to people who do business in Hong Kong. With regard to tourism, China's reopening will accelerate Hong Kong's recovery to "bring us back to the old days again," according to Zeman.

☆ Rate hikes, Ukraine war, China woes dim Asia growth outlook -ADB
▼ + stars: | 2022-09-21 | by ( Enrico Dela Cruz | ) www.reuters.com time to read: +2 min

REUTERS/Aly Song/File PhotoMANILA, Sept 21 (Reuters) - The Asian Development Bank (ADB) on Wednesday cut its growth forecasts for developing Asia for 2022 and 2023 amid mounting risks from increased central bank monetary tightening, the fallout from the war in Ukraine and COVID-19 lockdowns in China. Register now for FREE unlimited access to Reuters.com Register"Since the April Asian Development Outlook, various headwinds have strengthened," said ADB Chief Economist Albert Park. The outlook for the sub-regions this year remained mixed, with Southeast Asia and Central Asia expected to grow faster than previously projected at 5.1% and 3.9%, respectively. The ADB, however, kept its growth forecast for South Asia at 6.5%, despite a lower growth estimate for India and an economic crisis in Sri Lanka. The Manila-based lender has at the same time raised its inflation forecasts in the region, as supply disruptions continue to boost food and fuel prices.

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