"One year ago, we met in crisis. Today, we meet in hope." These were the opening words of Haruhiko Kuroda, president of the Asian Development Bank (ADB), at the opening session of the institution's 43rd annual meeting, held last month in the Uzbekistan capital, Tashkent.
Mr Kuroda's understated address belied the simmering sense of optimism prevalent in Tashkent, where the region's policy-makers were able to congratulate one another on a job well done and a catastrophe averted. Indeed, the irrepressible Asia region has staged a roaring recovery during the past year, fuelled by extraordinary fiscal and monetary stimulus, amounting to more than $950bn, according to data from Bloomberg. In addition, the latest International Monetary Fund (IMF) adjusted forecast says the region is set to post a growth rate of some 7.1% for both 2010 and 2011.
