ADB: Southeast Asia growth quickens next year

$0The Asian Development Bank (ADB) forecast that economic growth in Southeast Asia is expected to pick up next year on the back of a recovery in investment and growth in export.$0$0$0$0$0“In 2014, growth will quicken to 5.3 percent as investment recovers and exports benefit from improved global trade and recent currency depreciation in several economies,” said the ADB.$0$0$0$0$0In its updated Asian Development Outlook report, ADB said the region will benefit from stronger growth expected in the United States and Europe and in world trade, and the recent depreciation of Southeast Asian currencies will help exports. $0$0$0$0$0The bank, however, lowered its growth forecast for the region by half-a-percentage point to 4.9 percent this year, slightly lower than last year’s 5.6 percent, attributing the reduced growth forecast to weakness in the economies of Indonesia, Thailand and Malaysia.$0$0$0$0$0The bank's report said that lackluster export markets and moderated investment have weighed on growth in Indonesia, Thailand and Malaysia. By contrast, the Philippines is performing strongly, and its growth result will be higher than expected.$0$0$0$0$0While ADB lowered this year’s growth forecasts for other Southeast Asian countries, it upgraded that of the Philippines to 7 percent from 6 percent in April as signs are positive for continued growth in consumption and investment in the Philippines.-VNA$0