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$50trln lost in global crisis, Asia suffers worst

(Xinhua)
Updated: 2009-03-09 10:21

MANILA -- The global crisis slashed value of financial assets worldwide by $50 trillion in 2008, with developing Asia suffering the worst among emerging market regions, a study released on Monday said.

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Losses on financial assets in developing Asia last year totaled $9.6 trillion, or just over one year's worth of gross domestic product (GDP), said the Asian Development bank in its latest study.

"Asia was hit harder than other parts of the developing world because the region's markets have expanded much more rapidly," the study said, noting that the value of financial assets to GDP rose to 370 percent of GDP in developing Asia in 2007 from 250 percent of GDP in 2003.

It said most emerging market economies are at a crossroads and the next 12 to 18 months will be very difficult, the study said, and a recovery can only now be envisaged for late 2009 and early 2010.