The Asian Development Bank (ADB) has lowered estimates for the growthrate in the Southeast Asia region to 4.8 percent, in the wake of typhoonHaiyan in the Philippines.
In the latest AsianDevelopment Outlook Supplement report issued on December 11, the lenderalso attributed the downgrade of 0.1 percent over October’s forecast tothe unfolding political turmoil in Thailand.
However, it saidreconstruction in the Philippines is expected to boost the country’seconomic 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, developingAsian economies remain resilient, ADB chief economist Changyong Rheesaid.
The region has performed well in 2013 and isnow poised to benefit from further signs of growth in the advancedeconomies, including the US, the EU and Japan, he added.
Accordingly, the outlook for China’s growth has increased by 0.1percentage points to 7.7 percent in 2013 and 7.5 percent in 2014 on theback 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 AsianDevelopment Outlook Supplement report issued on December 11, the lenderalso attributed the downgrade of 0.1 percent over October’s forecast tothe unfolding political turmoil in Thailand.
However, it saidreconstruction in the Philippines is expected to boost the country’seconomic 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, developingAsian economies remain resilient, ADB chief economist Changyong Rheesaid.
The region has performed well in 2013 and isnow poised to benefit from further signs of growth in the advancedeconomies, including the US, the EU and Japan, he added.
Accordingly, the outlook for China’s growth has increased by 0.1percentage points to 7.7 percent in 2013 and 7.5 percent in 2014 on theback 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
