MANILA, Feb. 7 (Chinese media) -- India has shown resilience amid the global economic downturn, the Asian Development Bank (ADB) said on Saturday.
The global economies have seen a downturn, which may become even deeper, and the recovery will take longer than earlier expected, but India's economy was expected to grow at around 7 percent in 2008, the Manila-based bank said in a press release, quoting ADB president Haruhiko Kuroda.
"Although lower than last year's 9-percent growth, this is nonetheless an impressive growth rate and a remarkable demonstration of India's resilience," said Kuroda, who also called for a "global solution" for the global financial crisis.
Besides immediate short-term actions to stabilize finance, longer-term planning was also needed to reform the regulatory and institutional framework for the world's financial systems, he said.
An "Asian Financial Stability Dialogue", involving finance ministries, central banks and other financial regulators, could discuss and coordinate efforts to address the financial crisis, he added.
ADB is an international development finance institution whose mission is to help its developing members to reduce poverty and improve the quality of life of their people, according to the bank's own profile. Established in 1966, ADB is owned and financed by its 67 members, of which 48 are from the region and 19 are from other parts of the globe.
Since 1986, ADB has provided more than 19. 2 billion U.S. dollars of assistance through loans, grants, and technical assistance packages.
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