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Inflation could hit Asian success story
Higher inflation in Asia could destabilise the region and undermine the progress made in the past 20 years, the Asian Development Bank (ADB) has warned.
Its comments come after fears were raised that inflation could exceed the 5.1 percent figure predicted in April.
ADB managing director Rajat M Nag, said that rising fuel and food prices were a major concern, and could impact on Asia’s “good growth story”.
Nag also claimed that inflation would hit foreign investment in Asia and the earnings of some of the region’s largest companies.
The ADB called on Asia’s central banks to take action to tackle the problem.
Nag said: “Inflation is the most regressive form of taxation and its hits the poor most. In Asia, roughly about a billion people are vulnerable to the food and fuel price increases.”
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