AFP, Hong Kong :
The Asian Development Bank lifted its outlook for growth in developing Asia this year thanks to a pick-up in the global export demand but it warned of risks from a potential China-US trade war.
Its flagship Asian Development Outlook on Wednesday also flagged the impact of technological advancements on jobs in the region, which it said could worsen already deep inequality.
The ADB predicted growth of six percent this year, compared with its previous forecast of 5.7 percent, and 5.9 percent in 2019.
The forecast comes against a backdrop of rising trade tensions between China and the United States, the world’s biggest economies and key drivers of global growth.
Since President Donald Trump at the start of March imposed tariffs on steel and aluminium imports as part of his protectionist “America First” agenda, China and the United States have swapped tit-for-tat tariff threats on goods worth hundreds of billions of dollars.
The Asian Development Bank lifted its outlook for growth in developing Asia this year thanks to a pick-up in the global export demand but it warned of risks from a potential China-US trade war.
Its flagship Asian Development Outlook on Wednesday also flagged the impact of technological advancements on jobs in the region, which it said could worsen already deep inequality.
The ADB predicted growth of six percent this year, compared with its previous forecast of 5.7 percent, and 5.9 percent in 2019.
The forecast comes against a backdrop of rising trade tensions between China and the United States, the world’s biggest economies and key drivers of global growth.
Since President Donald Trump at the start of March imposed tariffs on steel and aluminium imports as part of his protectionist “America First” agenda, China and the United States have swapped tit-for-tat tariff threats on goods worth hundreds of billions of dollars.
