A port in Tokyo, Japan (Source: AFP/VNA) Hanoi(VNA) – The Asian Development Bank (ADB) forecasts in its latestreport that Asia’s economy will expand by 6 percent in 2017, driven bystronger-than-expected exports and domestic consumption.
Ina supplement to its Asian Development Outlook Update 2017 released on December13, the ADB upgrades its 2017 GDP growth outlook in the region by 0.1 percentcompared to its September forecast, while maintaining its 2018 forecast at 5.8percent.
Combinedgrowth for the major industrial economies is revised upward to 2.2 percent for2017 and 2 percent for 2018, due to robust domestic demand in the euro area,and in Japan due to private investment and net exports, the report said.
Forecastof East Asian growth is revised up to 6.2 percent this year from the previous 6percent, while the projection of 5.8 percent for 2018 is unchanged. Growthprospects of China, the world’s second largest economy, are also raised to 6.8percent in 2017 and 6.4 percent in 2018, owing to resilient consumption.
SouthAsia is predicted to remain the fastest growing of all subregions in Asia andthe Pacific, despite previous forecasts cutting growth from 6.7 percent to 6.5percent in 2017. Its GDP expansion is expected to pick up to 7 percent nextyear.
Growthprojection for Southeast Asia is put at 5.2 percent in both 2017 and 2018, up fromthe earlier forecasts in September of 5 percent and 5.1 percent, respectively.The subregion has been benefiting from stronger investment and exportactivities, with accelerating growth for Brunei, Malaysia, the Philippines,Singapore, and Thailand. Robust domestic demand - particularly privateconsumption and investment - will continue to support growth in the subregion,the report noted.
ADB,based in Manila, is dedicated to reducing poverty in Asia and the Pacificthrough inclusive economic growth, environmentally sustainable growth, andregional integration. Established in 1966, ADB is celebrating 50 years ofdevelopment partnership in the region. It is owned by 67 members, 48 from theregion. In 2016, ADB assistance totalled 31.7 billion USD, including 14 billionUSD in co-financing.-VNA
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