Developing markets in Asia are experiencing a firm recovery, according to a new report from the Asian Development Bank (ADB). The multilateral finance institution's chief economist, Jong-Wha Lee, shared the ADB's most recent findings with a diverse audience of academics and students at Columbia Business School in a talk sponsored by the Center on Japanese Economy and Business and the Jerome A. Chazen Institute of International Business. China and India, said Dr. Lee, are leading the way back to better-than-expected growth.

Among the key takeaways from Jong-Wha Lee's talk was that emerging Asian markets are expected to experience aggregate GDP growth of more than 7 percent in both 2010 and 2011. There are attendant risks as well. Inflation is on the rise, but manageable, according to the ADB. Capital flows to and from developing Asian nations have been volatile. Stimulus measures must be unwound as demand picks up. Finally, nations must enact prudent monetary and fiscal policies going forward - and not simply return to the pre-crisis state of affairs.

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