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ADB: Southeast Asia averages at 5.6% growth

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[Singapore, July 29, 2003] Asian Development Bank (ADB) predicts that the entire southeast Asian region will have an average growth rate of 5.6%, or 1% less than the previous year.

The first half year shows slow growth due to the SARS epidemic as well as the war in Iraq. Singapore will have the lowest growth rate at only 1.2%, due to its unprecedented unemployment rate. South Korea is expected to have a 3.3% growth rate, Indonesia 3.5%, Philippines 3.8%, Thailand, 4.5%, Malaysia 3.9%, and China 7.5%.

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