The Asian Development Bank (ADB) has lowered estimates for the growth rate in the Southeast Asia region to 4.8 percent, in the wake of typhoon Haiyan in the Philippines.
In the latest Asian Development Outlook Supplement report issued on December 11, the lender also attributed the downgrade of 0.1 percent over October’s forecast to the unfolding political turmoil in Thailand.
However, it said reconstruction in the Philippines is expected to boost the country’s economic growth as it ramps up with GDP increases 6.1 percent in 2014.
As for Asia, the Manila-based bank is keeping its forecast for this year of 6 percent.
Despite uncertainties in the global economic environment, developing Asian economies remain resilient, ADB chief economist Changyong Rhee said.
The region has performed well in 2013 and is now poised to benefit from further signs of growth in the advanced economies, including the US, the EU and Japan, he added.
Accordingly, the outlook for China’s growth has increased by 0.1 percentage points to 7.7 percent in 2013 and 7.5 percent in 2014 on the back of rising infrastructure investment.
This boosts the average East Asian forecast by the same magnitude to 6.7 percent for both 2013 and 2014.
According to ADB, South Asia is on track to meet growth expectations of 4.7 percent in 2013 and 5.5 percent in 2014.-VNA
In the latest Asian Development Outlook Supplement report issued on December 11, the lender also attributed the downgrade of 0.1 percent over October’s forecast to the unfolding political turmoil in Thailand.
However, it said reconstruction in the Philippines is expected to boost the country’s economic growth as it ramps up with GDP increases 6.1 percent in 2014.
As for Asia, the Manila-based bank is keeping its forecast for this year of 6 percent.
Despite uncertainties in the global economic environment, developing Asian economies remain resilient, ADB chief economist Changyong Rhee said.
The region has performed well in 2013 and is now poised to benefit from further signs of growth in the advanced economies, including the US, the EU and Japan, he added.
Accordingly, the outlook for China’s growth has increased by 0.1 percentage points to 7.7 percent in 2013 and 7.5 percent in 2014 on the back of rising infrastructure investment.
This boosts the average East Asian forecast by the same magnitude to 6.7 percent for both 2013 and 2014.
According to ADB, South Asia is on track to meet growth expectations of 4.7 percent in 2013 and 5.5 percent in 2014.-VNA
