May I also take this opportunity to extend a cordial welcome to Azerbaijan which became an ADB member last year and to Portugal which will soon join the Bank. Bouncing back For the last three years, we have been all quite concerned about the economic crisis which has struck the Asian and Pacific Region and how it could be overcome. But today, the picture in the Asian and Pacific Region is truly remarkable. Let me take Korea's case to illustrate my point. The World Economic Outlook of October 1998 projected that Korean GDP would decline by 1 percent in 1999, but in reality it increased by more than 10 percent.
Actual outcomes exceed expectations in other countries of the region as well.
So, having at first seriously underestimated the Asian crisis at its beginning, we ended up by underestimating the ability of the crisis stricken countries in clawing their way back to economic health. Indeed, economic growth has been stronger than expected and with overall GDP growth in developing Asia reaching 6 percent in 1999, the Region has once again become the fastest growing emerging market. However, the region's bright growth prospects must not fool us. It is one thing to achieve rapid economic growth following a steep recession, it is quite another to make that growth sustainable, to prevent it from crumbling again. We must not forget all the unfulfilled promises to restructure banks and corporations.