ADB raises Asia growth forecast

Growth prospects for developing Asia are looking up, bolstered by a revival in world trade and strong momentum in China, the Asian Development Bank (ADB) said in its Asian Development Outlook (ADO) 2017 Update released on September 26.

Tuesday, September 26, 2017 17:16

ADB raises Asia growth forecast (Source: Cnbc.com)

Hanoi (VNA) – Growth prospects for developing Asia are looking up,bolstered by a revival in world trade and strong momentum in China, the AsianDevelopment Bank (ADB) said in its Asian Development Outlook (ADO) 2017 Updatereleased on September 26.

The region isforecast to expand by 5.9 percent in 2017 and 5.8 percent in 2018, a slightupgrade from the ADO announced in April.

SoutheastAsia is expected to grow by 5.0 percent in 2017, 0.2 percentage points higherthan ADO 2017 forecasts and by 5.1 percent in 2018.

The ADOUpdate indicated that over 400 million Asians live without electricity, 300million without safe drinking water, and a staggering 1.5 billion without basicsanitation.

The regionwill need to invest an estimated 1.7 trillion USD annually through 2030 tomaintain its growth momentum, reduce poverty, and respond to climate change.

DevelopingAsia also must mobilize 500 billion USD annually to meet its infrastructureneeds.-VNA

VNA

#Asian Development Bank #Asian Development Outlook #safe drinking water #Asia growth #Vietnamplus #Vietnam News #Vietnam News Agency

See more

People are evacuated from flooded area in Albay province, the Philippines on October 22. (Photo: VNA)

Typhoon Trami makes landfall in Philippines’ Luzon island

24/10/2024 10:45

Tropical Storm Trami made landfall in the Philippines' main island of Luzon early morning of October 23, forcing schools and government offices to shut down for a second straight day.

At Pulau Seraya power station (Photo: Straitimes)

Singapore begins construction on hydrogen-fueled power plant

24/10/2024 10:12

Singapore on October 23 began the construction of an 800 million USD power plant that has the capability to use hydrogen to generate electricity, as part of a push to utilise the fuel to reach Singapore’s net-zero carbon emissions target by 2050.

Malaysia should focus on people-centric measures, intra-ASEAN trade: experts

23/10/2024 20:54

As Malaysia assumes the ASEAN chairmanship in 2025, it should focus on implementing more people-centric measures and enhancing intra-ASEAN trade, said experts.

ASEAN should speed up clean energy transition: think tank

23/10/2024 20:02

ASEAN countries still rely on fossil-based energy in electricity growth amidst underperformed energy capacity of renewable energy in the region, according to energy think tank Ember.

125th anniversary of Permanent Court of Arbitration celebrated

23/10/2024 19:03

The Permanent Mission of Vietnam to the United Nations and missions of the Philippines, Australia, Egypt, Guatemala, Hungary, Thailand, France, Eritrea and Austria, organised a ceremony on October 22 to celebrate the 125th anniversary of the Permanent Court of Arbitration (PCA), as part of the International Law Week at the UN General Assembly's Legal Committee (Sixth Committee).

CEO of the Malaysia Digital Economy Corporation Anuar Fariz Fadzil (Photo: focusmalaysia.my)

Malaysia continues placing emphasis on digitalisation

23/10/2024 16:53

The Budget 2025 provides significant support to further accelerate Malaysia’s digitalisation, encourage adoption of artificial intelligence (AI) and drive inclusive growth, further positioning Malaysia as a leading digital hub within the ASEAN region, according to CEO of the Malaysia Digital Economy Corporation (MDEC) Anuar Fariz Fadzil.

Thai banks have announced reductions for their prime lending interest rates following the Bank of Thailand (BoT)'s policy rate cut. (Photo: AFP/VNA)

Thai commercial banks slash lending rates to ease borrowers’ financial burden

23/10/2024 16:49

Large local banks have announced reductions for their prime lending interest rates following the Bank of Thailand (BoT)'s policy rate cut, aiming to ease the financial burden for borrowers.

Malaysia's economic reforms boost investment inflow

23/10/2024 16:11

Malaysia has attracted substantial foreign investments, reaching 22.2 billion MYR (5.16 billion USD) in the third quarter of 2024, the highest level for the same period since 2012, according to UOB's Global Markets and Economics report.

Typhoon Trami causes massive flooding, power outage in Philippines

23/10/2024 15:22

Flash floods have hit several regions in the Philippines as tropical storm Trami brought heavy rains and plunged many areas without power, affecting over 380,000 people, local authorities reported on October 23.

Ambassador Dang Hoang Giang, Permanent Representative of Vietnam to the UN speaks at the debate (Photo: VNA)

Maintaining peace, stability a must for progress on human rights: Ambassador

23/10/2024 15:08

Progress in human rights can only be achieved by maintaining peace and stability, respecting the rule of law at both the international and national levels, and ensuring respect for the principles of national sovereignty and non-interference in internal affairs, said Ambassador Dang Hoang Giang, Permanent Representative of Vietnam to the UN.

Dr. Kao Kim Hourn, Secretary-General of ASEAN

📝 OP-ED: Navigating a Changing World: Insights from the 44th and 45th ASEAN Summit

23/10/2024 14:38

“As we reflect on the outcomes of the 44th and 45th ASEAN Summits, it is evident that ASEAN is committed to building a future that is connected, resilient, and inclusive,” said Dr. Kao Kim Hourn, Secretary-General of ASEAN.

Indonesia aims to become global hub of Halal industry

23/10/2024 11:23

Indonesia, one of the countries with largest population of Muslims in the world, has great potential and opportunity to become a major producer of halal products in the world.

Singapore, India agree to beef up defence cooperation

23/10/2024 11:08

Singaporean Minister for Defence Dr Ng Eng Hen and his Indian counterpart Rajnath Singh co-chaired the countries’ 6th Defence Ministerial Dialogue in New Delhi on October 22.

A visitor browses travel promotions at a travel fair in Nonthaburi province. (Photo: Bangkok Post)

Thailand plans enhanced support for domestic tourism

23/10/2024 11:06

Thailand’s Ministry of Tourism and Sports is aiming to increase subsidy to local tourists in the upcoming stimulus scheme to 50% and would like to change the criteria for online travel agents, mandating them to register in Thailand to avoid losing income to foreign companies.

PTG is set to shift towards revenue generation through food and retail businesses. (Photo: PunThai Coffee's facebook)

Thailand’s gas station businesses focus on non-oil services to attract customers

23/10/2024 10:57

Competition in the gas station business in Thailand is heating up as companies continuously seek new services to attract customers, reflected through the opening of cafés at stations of the country’s four leading fuel companies.

Malaysian Prime Minister Anwar Ibrahim unveiling the 2025 national budget at the Malaysian Parliament in Kuala Lumpur on Oct 18. (Photo: AFP)

Malaysia plans to reduce subsidies on RON95 gasoline

23/10/2024 10:46

The Malaysian government’s plan to cut fuel subsidies by mid-2025 is a key policy in the country’s fiscal reform strategy, but it is also bracing for a public backlash.

Oil field offshore Indonesia. (Photo: thejakartapost.com)

Indonesia begins major oil, gas exploration in Sulawesi

23/10/2024 10:39

Indonesia's state-owned oil company Pertamina, along with foreign partners Sinopec from China and Kuwait’s Kufpec, has signed a contract to explore the Melati oil and gas block, located off the coast of Sulawesi. The block is estimated to contain trillions of cubic feet of gas reserves.