The Asian Development Bank (ADB) upgrades its growth outlook for Asia from 5.7 percent to 5.9 percent in 2017 and from 5.7 percent to 5.8 percent for 2018 (Photo: ABC)Hanoi (VNA) – The Asian Development Bank (ADB) upgraded its growthoutlook for Asia from 5.7 percent to 5.9 percent in 2017 and from 5.7 percentto 5.8 percent for 2018 in a new report released on July 19.
In a supplement to its Asian Development Outlook 2017 report,the ADB said economic growth prospects in developing Asia for 2017 haveimproved on the back of stronger-than-expected export demand in the firstquarter of this year.
Growth prospects of China, the largest economyof the region, are also revised up from 6.5 percent and 6.3 percent to 6.7percent and 6.4 percent in the next two years thanks to an increase in netexports and domestic consumption.
Yasuyuki Sawada, ADB’s Chief Economist said despite lingeringuncertainties surrounding the strength of the global recovery, the region’seconomies are well-placed to face potential shocks to the outlook.
Alsoaccording to the latest forecast, price inflation of Asia would be 2.6 percentin 2017 and 3 percent in 2018 compared to earlier estimates of 3 percent and3.2 percent, respectively. Inflation is expected to be lower on the back ofsteady international oil and food prices.
Growth projections for Southeast Asia are expected to remainat 4.8 percent in 2017 and 5 percent in 2018.
According to the report, South Asia will remain the fastestgrowing of all sub-regions in Asia and the Pacific, with growth on track to meetoriginal projections of 7.0 percent this year and 7.2 percent in 2018.
India, the sub-region’s largest economy, is expected toachieve previous growth projections of 7.4 percent in 2017 and 7.6 percent in2018, primarily from strong consumption.
The outlook for Central Asia this year has also improved asdomestic demand and exports have increased in some countries. Growth is forecastedto reach 3.2 percent and 3.8 percent in the next two years compared to theprevious projections of 3.1 percent and 3.5 percent, respectively.-VNA
