| GEO Business | | Asia capital losses at 9.6 trillion dollars in 2008: ADB | Updated at: 1051 PST, Monday, March 09, 2009
MANILA: 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.
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.
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