Business Desk :
The Asian Development Bank (ADB) forecasts that economic expansion in developing Asia will accelerate to 6 percent in 2017 owing to stronger than expected exports and domestic consumption fuel growth, according to a new ADB report.
In a supplement to its Asian Development Outlook Update 2017 report, ADB upgrades its 2017 growth domestic product (GDP) outlook in the region by 0.1 percentage points compared to its September 2017 forecast, while its 2018 forecast remains unchanged at 5.8 percent. An unexpectedly strong expansion in Central, East, and Southeast Asia has offset a downward adjustment in South Asia.
“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, ADB’s Chief Economist.
“Countries can further take advantage of the global recovery by investing in human capital and physical infrastructure that will help sustain growth over the long-term,” said Yasuyuki Sawada.
Combined growth for the major industrial economies is revised upward to 2.2 percent for 2017 and 2 percent for 2018, due to robust domestic demand in the euro area, and in Japan due to private investment and net exports. Growth projections for the United States remain unchanged at 2.2 percent in 2017 and 2.4 percent in 2018.
By subregion, growth for East Asia is revised upward to 6.2 percent in 2017, from 6 percent, while 2018 projections of 5.8 percent are unchanged. Growth prospects in China-the world’s second largest economy-are revised up on resilient consumption. Growth in the PRC is now expected to expand by 6.8 percent in 2017 and 6.4 percent in 2018.
The Asian Development Bank (ADB) forecasts that economic expansion in developing Asia will accelerate to 6 percent in 2017 owing to stronger than expected exports and domestic consumption fuel growth, according to a new ADB report.
In a supplement to its Asian Development Outlook Update 2017 report, ADB upgrades its 2017 growth domestic product (GDP) outlook in the region by 0.1 percentage points compared to its September 2017 forecast, while its 2018 forecast remains unchanged at 5.8 percent. An unexpectedly strong expansion in Central, East, and Southeast Asia has offset a downward adjustment in South Asia.
“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, ADB’s Chief Economist.
“Countries can further take advantage of the global recovery by investing in human capital and physical infrastructure that will help sustain growth over the long-term,” said Yasuyuki Sawada.
Combined growth for the major industrial economies is revised upward to 2.2 percent for 2017 and 2 percent for 2018, due to robust domestic demand in the euro area, and in Japan due to private investment and net exports. Growth projections for the United States remain unchanged at 2.2 percent in 2017 and 2.4 percent in 2018.
By subregion, growth for East Asia is revised upward to 6.2 percent in 2017, from 6 percent, while 2018 projections of 5.8 percent are unchanged. Growth prospects in China-the world’s second largest economy-are revised up on resilient consumption. Growth in the PRC is now expected to expand by 6.8 percent in 2017 and 6.4 percent in 2018.
