Trade lifting developing Asia’s growth as ADB upgrades GDP forecast
Wednesday, 2017-12-13 04:27:26
NDO - The Asian Development Bank (ADB) forecasts that economic expansion in developing Asia will accelerate to 6% in 2017 as stronger than expected exports and domestic consumption fuel growth.
In a report released on December 13, the ADB upgrades its 2017 GDP growth outlook in the region by 0.1 percentage points compared to its September 2017 forecast, while its 2018 forecast remains unchanged at 5.8%.
Developing Asia’s growth momentum, supported by recovering exports, demonstrates that openness to trade remains an essential component of inclusive economic development, said Yasuyuki Sawada, the ADB’s chief economist.
By subregion, growth for East Asia is revised upward to 6.2% in 2017, from 6%, while 2018 projections of 5.8% are unchanged. Growth in China, the world’s second largest economy is now expected to expand by 6.8% in 2017 and 6.4% in 2018.
South Asia will remain the fastest growing of all subregions in Asia and the Pacific, despite a downward revision from previous projections from 6.7% to 6.5% in 2017, and is expected to pick up to 7% in 2018.
Growth for Southeast Asia is picking up faster than earlier forecast with GDP set to expand by 5.2% in 2017 and 2018, compared to September 2017 forecasts of 5% and 5.1%.
In Vietnam, growth prospects are revised upward to 6.7% in both 2017 and 2018 compared to previous forecasts of 6.3% and 6.5%, respectively.
Growth in Central Asia is expected to reach 3.6% in 2017 compared to the 3.3% originally projected and remained unchanged in 2018 at 3.9%, while growth in the Pacific is expected to remain at 2.9% in 2017 and 3.2% in 2018.