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Booming service industries can be a powerful engine of economic growth and job creation for developing Asia, but the sector’s true potential remains blocked by restrictions and red tape, a new ADB report shows. “A slew of regulations restrict competition and hamper development of the services sector, affecting everything from the corner shop to mobile telephones,” said Changyong Rhee, ADB’s Chief Economist. “These barriers need to be dismantled so that everyone, particularly the region’s poor, can seize the opportunities of growth.” Services now account for almost half of developing Asia’s output, ADB says in the theme chapter of Asian Development Outlook 2012 Update. The sector contributed about two-thirds of the growth recorded in India between 2000 and 2010, and more than 40% in the People’s Republic of China. Services have also been a massive source of jobs, employing 34% of the region’s workers, and thus furthering inclusive growth.   Notwithstanding their large and growing q...

BANGKOK--Europe’s worsening financial and banking crisis and a sluggish recovery in the United States are weighing on developing Asia’s growth prospects, according to figures released today from the Asian Development Outlook Supplement (ADOS), published by the Asian Development Bank (ADB). “Economic growth in developing Asia moderated during the first half of 2012 as slower growth in the US and euro area reduced demand for the region’s exports,” the report says. “Worries over the economic strength of important developing economies have also emerged recently.” ADB’s latest figures predict developing Asia will expand by 6.6% in 2012 and 7.1% in 2013, lower than the 6.9% and 7.3% forecast in ADB’s Asian Development Outlook published in April. In addition to the impact of Europe’s malaise, the region’s development in the first half of the year has been hampered by slower growth in the two largest economies—the People’s Republic of China (PRC...

Millions of people in Asia and the Pacific could have access to clean water if leaks were plugged and water utility reforms adopted, says a new study by the Asian Development Bank (ADB). “While Asia and the Pacific is increasingly facing a major water crisis, we see unacceptable levels of water being lost through leaks and inefficiencies,” said Bindu Lohani, ADB’s Vice President for Knowledge Management and Sustainable Development. “By cutting the amount of lost water in half, 150 million people could be supplied with treated water.” ADB estimates that 29 billion cubic meters of water is lost each year in the region – enough to fill more than 11 million Olympic-sized swimming pools – causing Asia’s water utilities to lose more than $9 billion in revenue each year. By examining eight of the best-performing water utilities in Asia, Good Practices in Urban Water Management concludes that a low rate of unaccounted for water (UFW) is critical for ef...

Oil refineries emit heavy smokes. Investments in sustainable development projects worldwide have been the focus of discussions by six multilateral development banks (MDBs) at the Rio+20 summit in Rio de Janeiro, Brazil. Currently, total investments for sustainable development project totals $93 billion annually, and the six MDBs have expressed interest to expand their investments in support of global development priorities that are expected to be agreed upon at this week's Rio+20 summit meeting in Brazil, a press statement from the ADB said. According to Bindu Lohani, ADB's vice president for knowledge management and sustainable development, one of the greatest challenges facing developing countries is how to find ways to promote growth that will address the negative impacts of climate change, food security and water scarcity while at the same time, eradicating poverty. "Working together is the best way for multilateral development banks to leverage funds, technology ...

After the media briefing for the 2012 MyView Asia-Pacific Video Contest, from left: Principal Director Ann Quon, principal director of ADB's external relations, MyView winner Adrian Sibal from the Philippines; and ADB Senior Advisor and Practice Leader (Energy), Pil-Bae Song. Adrian Sibal, a 26-tear-old Filipino filmmaker was awarded the grand prize in a recent video contest sponsored by the Asian Development Bank for this year. In an ADB press statement: " Mr. Sibal’s video entry, ‘The Rivals’, beat out more than 150 other entries in the contest, which focused on the theme ‘Energy for All/Renewable energy.’  “Over 700 million people in the Asia-Pacific region still lack access to electricity, and Mr. Sibal eloquently addressed this issue in his winning film,” said ADB’s Principal Director, Department of External Relations, Ann Quon. “The interest in MyView is growing each year, with entries from aspiring filmmakers across the globe. MyView provides a showcase for filmma...

MANILA – Asian Development Bank president Haruhiko Kuroda opened Tuesday (June 5) a new rooftop solar power project that will provide clean, renewable energy to ADB’s 20-year-old headquarters in Manila. “Using rooftops and other open spaces is an efficient way for businesses and homes to capture and use the energy of the sun,” said S. Chander, Director General of ADB’s Regional and Sustainable Development Department. “We hope other companies will follow ADB’s example.” The 2,040 photovoltaic panels occupying 6,640 square meters on the roof of ADB’s main building will generate 613 megawatt hours of electricity per year to run a portion of the Bank’s air conditioning, lighting, and computer systems, reducing its carbon footprint. The solar rooftop project received support from Philippine government agencies, such as the Department of Energy, the City Government of Mandaluyong, the Manila Electric Company, the Civil Aviation Authority and the Department of Environment and Natural ...