High oil prices biggest danger to Asian economies: ADB

Continued high oil prices over the next couple of years are the greatest potential danger facing Asian economies, including oil exporters such as Malaysia, the president of the Asian Development Bank (ADB) warned.

ADB president Haruhiko Kuroda made the remarks Friday at the close of the ADB annual conference in Istanbul, following discussions on Asia's robust economic prospects.

Asked at a press conference what could threaten Asia's strong economic growth, Kuroda said that in the short run, "the greatest challenge is high oil prices," according to a news release by ADB on Saturday.

"If the current, extremely high oil prices continue for one or two years, that would certainly affect the growth prospects of many countries in the region," Kuroda said.

"Even Malaysia, which is an oil exporter, could be affected... through the second-round effect of a slowdown in regional growth and global growth," he said.

Source: Xinhua