Senator Nick Sherry, Minister for Superannuation and Corporate Law, will attend the 42nd Annual Meeting of the Asian Development Bank (ADB) in Bali, between 2-5 May, 2009.
The Annual Meetings come as the ADB forecasts economic growth in developing Asia will fall to just 3.4% in 2009, down from 6.3% last year and 9.5% in 2007. Economic growth in Japan – Australia's largest export destination - is forecast to contract by -3.5% in 2009.
This dramatic slowing in growth in Asia, with economic contractions in a number of Australia's key export destinations, is impacting directly on the Australian economy and jobs.
"The Annual Meeting of the ADB occurs at a very significant time for the Asia-Pacific region, and follows on from significant developments at the recent G-20 Leaders Summit in London."
"Multilateral developments banks such as the ADB, along with the World Bank and the International Monetary Fund, are playing a key role in the G-20's response to the global recession."
"G-20 Leaders have supported the important role of international financial institutions in responding to the global recession, agreeing to make available an additional $850 billion of resources through global financial institutions to support growth in emerging market and developing countries."
This will help to support economic recovery and stability in Australia's nearest neighbours.
With slower growth, more than 60 million people in 2009, and close to 100 million people in 2010, will remain in poverty, than would have been if growth had continued at its earlier pace.
"Economic circumstances have deteriorated significantly across the world, and Asia, like Australia is not immune. The global recession will hinder efforts to reduce poverty but the ADB has a key role to play in the Asia-Pacific region through its core goal of poverty alleviation and by helping member countries deal with the effects of the global recession," Minister Sherry said.
In a significant show of the importance placed on the role of the ADB in the region's response to the global recession by the Rudd Government, Minister Sherry will also be accompanied by the Hon Bob McMullan MP, Parliamentary Secretary for International Development Assistance.