Developing Asian countries will maintain a strong economic growth of6.3 percent in both 2015 and 2016 supported by soft commodity prices andrecovery in the major industrial economies, according to the AsianDevelopment Bank (ADB).
In its annual economicpublication Asian Development Outlook 2015 , released on March24, the bank forecast China’s growth rates of 7.2 percent and 7 percentin 2015 and 2016, respectively, a more moderate rate from its averagegrowth of 8.5 percent since the global financial crisis.
India is set to expand by 7.8 percent in fiscal year 2015, aided bythe expected easing of monetary policy and a pickup in capitalexpenditure. This momentum is expected to expand to 8.2 percent growthin fiscal year 2016.
According to the report,growth in East Asia will slow to 6.5 percent in 2015 and 6.3 percent in2016 against the 6.6 percent growth in 2014.
Growth in South Asia accelerated to 6.9 percent in 2014 and is projectedto trend towards 7.2 percent in 2015 and 7.6 percent in 2016.
Southeast Asia’s growth is expected to rebound to 4.9 percent in 2015and 5.3 percent in 2016 after its growth fell to 4.4 percent in 2014,as Indonesia and Thailand recover with rising exports and reducedinflation.
Cambodia is forecast to grow 7.3 percent in 2015 and 7.5 percent in 2016 after a 7 percent growth last year.
ADB Country Director for Laos Sandra Nicoll said the Lao economyremains a strong performer in the region with a GDP growth above sevenpercent for the ninth consecutive year in 2014.
The report said Vietnam’s growth is likely to edge up to 6.1 percent in2015 and 6.2 percent in 2016, spurred by eased financial and monetarypolicies and continued restructuring of its economy.
Falling commodity prices are creating space for policy makers acrossthe region to cut costly fuel subsidies or initiate other structuralreforms. This is a key opportunity to build frameworks to supportsustainable growth in the long term, said ADB Chief Economist Shang-JinWei.
ADB, based in Manila, is dedicated toreducing poverty in Asia-Pacific through inclusive economic growth,environmentally sustainable growth, and regional integration.Established in 1966, it now has 67 members with 48 from the region.-VNA
In its annual economicpublication Asian Development Outlook 2015 , released on March24, the bank forecast China’s growth rates of 7.2 percent and 7 percentin 2015 and 2016, respectively, a more moderate rate from its averagegrowth of 8.5 percent since the global financial crisis.
India is set to expand by 7.8 percent in fiscal year 2015, aided bythe expected easing of monetary policy and a pickup in capitalexpenditure. This momentum is expected to expand to 8.2 percent growthin fiscal year 2016.
According to the report,growth in East Asia will slow to 6.5 percent in 2015 and 6.3 percent in2016 against the 6.6 percent growth in 2014.
Growth in South Asia accelerated to 6.9 percent in 2014 and is projectedto trend towards 7.2 percent in 2015 and 7.6 percent in 2016.
Southeast Asia’s growth is expected to rebound to 4.9 percent in 2015and 5.3 percent in 2016 after its growth fell to 4.4 percent in 2014,as Indonesia and Thailand recover with rising exports and reducedinflation.
Cambodia is forecast to grow 7.3 percent in 2015 and 7.5 percent in 2016 after a 7 percent growth last year.
ADB Country Director for Laos Sandra Nicoll said the Lao economyremains a strong performer in the region with a GDP growth above sevenpercent for the ninth consecutive year in 2014.
The report said Vietnam’s growth is likely to edge up to 6.1 percent in2015 and 6.2 percent in 2016, spurred by eased financial and monetarypolicies and continued restructuring of its economy.
Falling commodity prices are creating space for policy makers acrossthe region to cut costly fuel subsidies or initiate other structuralreforms. This is a key opportunity to build frameworks to supportsustainable growth in the long term, said ADB Chief Economist Shang-JinWei.
ADB, based in Manila, is dedicated toreducing poverty in Asia-Pacific through inclusive economic growth,environmentally sustainable growth, and regional integration.Established in 1966, it now has 67 members with 48 from the region.-VNA
