The global financial crisis will have "considerable" effects on Asia but the region will fare well by world standards, Asian Development Bank president Haruhiko Kuroda said Thursday.

He also downplayed concerns about the economies of Australia and South Korea, saying that the two countries were in good health considering the extent of the global turmoil.

Kuroda said economic growth rates in developing parts of Asia would remain "comparatively high" and voiced hope that the global crisis would come under control "in the coming weeks."

"The financial crisis that happened in the United States and Europe has not inflicted big damage on Asia's financial system, either directly or indirectly," Kuroda told an ADB event in Tokyo.

"But the real economy in Japan, the United States and Europe is slowing down and in some countries the speed is rapid. Asia's economy cannot help but be affected considerably," he said.

He argued that the slowdown in the US and European economies "is bound to bring about a slowdown in Asian economies through lower growth in exports."

Asian share prices have fallen sharply this week as pessimism engulfs global markets. In Indonesia, the stock exchange shut down for two straight sessions.

But Kuroda doubted a replay of the 1997-98 financial crisis in Asia, when the collapse of the Thai baht set off a

chain reaction across the region with devastating consequences.

"I believe that the possibility of a currency crisis happening again in Asia is extremely small," Kuroda said.

Experts note that Asian economies have built up large foreign currency reserves to shield themselves from a repeat of the regional financial crisis and enjoy low levels of foreign debt.

The International Monetary Fund estimates China's economy will grow 9.7 percent for 2008 and at 9.3 percent for 2009, slowing down from 11.9 percent last year.

India's growth is estimated to slow to 7.9 percent in 2008 and to 6.9 percent in 2009 from 9.3 percent in 2007.

"Even after their growth slows, these are undoubtedly high growth rates," Kuroda said.

The ADB expects growth in Asia excluding Japan, Australia and New Zealand to come to 7.5 percent this year and 7.2 percent next year, compared with 9.0 percent in 2007, which was the highest growth in some two decades, Kuroda said.

Kuroda dismissed concerns over financial jitters in Australia and South Korea.

He said that Australia had experienced a real estate bubble, but was buttressed by a huge trade surplus.

"I don't think the Australian financial sector would face such serious difficulty as the American and European financial sector has faced,n he said.

Kuroda also said he did not have serious concerns over South Korea, saying the recent rapid depreciation in its currency may be "inevitable"

given the won's fast appreciation over the past few years.

"I'm quite sure that the government will be able to address any problems in the banking sector" thanks to its huge foreign reserves.

Kuroda noted that the South Korean economy is still growing around five percent annually -- "quite respectable as a developed economy."