Asian Development Outlook 2009 Update: Broadening Openness for a Resilient Asia

This document provides an updated assessment of economic conditions and short-term prospects across developing Asia and the Pacific during the global economic downturn of 2008 and 2009. It reviews recent growth performance, inflation trends, external balances, and fiscal and monetary responses, with revised projections reflecting stronger than expected recovery in several large economies. The analysis draws on country and subregional data to examine how external shocks were transmitted mainly through trade, while financial systems remained relatively stable. A dedicated analytical section evaluates the structure of openness in trade, financial integration, and labor migration, highlighting vulnerabilities from narrow export dependence and outlining evidence on shifting regional demand patterns.