Kuwait: ADB Keeps Developing Asia Growth Forecast At 5.9 PercentSource: www.export-egypt.com 9/26/2017, Location: Middle East |
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Growth remains strong across developing Asia, thanks to a rebound in global trade, robust expansion in major industrial economies, and China's improved prospects, the Asian Development Bank (ADB) said .
In an update of its Asian Development Outlook 2017, the Manila-based lender maintained its July forecast of 5.9 percent growth in 2017 and 5.8 percent in 2018 for Asia's 45 developing economies, excluding Japan and other industrialized countries. The projected growth rates of gross domestic product (GDP) are higher than the 5.8 percent expansion last year. "Growth prospects for developing Asia are looking up, bolstered by a revival in world trade and strong momentum in China," said ADB Chief Economist Yasuyuki Sawada, according to ADB's press release. "Countries in developing Asia should take advantage of favorable short-term economic prospects to implement productivity-enhancing reforms, invest in badly needed infrastructure, and maintain sound macroeconomic management to help increase their long-term growth potential," said Sawada. The bank kept its growth forecast for China at 6.7 percent this year and 6. 4 percent next year, underlining expansionary fiscal policy and unanticipated external demand helped China exceed expectations in the first half of 2017. However, the ADB downgraded India's GDP growth to 7.0 percent and 7.4 percent for this year and next, lower than the July estimates of 7.4 percent and 7.6 percent. "India continues its strong showing, although demonetization and implementation of the new goods and services tax regime have dented consumer spending and business investment," the bank said in the annual report. The report also said risks to developing Asia, such as loose fiscal policy in the US and lower oil prices and tighter global liquidity, have become more balanced. While the region remains better prepared for potential risks from the US unwinding its quantitative easing, high debt levels in Asia and the Pacific now pose a risk to financial stability, the report pointed out. "Because long-term interest rates in many Asian economies are closely linked to those in the US policymakers need to strengthen their financial positions further and monitor debt levels and asset prices," the bank added. The ADB is a multilateral development finance institution dedicated to reducing poverty in Asia and the Pacific. Established in 1966, it has now owned by 67 members, mostly from the region, as well as the US, Britain and Germany. In 2016, ADB assistance totaled USD 31.7 billion, including USD 14 billion in co-financing. |
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