The Asian Development Bank (ADB) has upgraded its economic growthforecast for developing Asian economies to 7.9 percent from 7.5 percent.
The Asian developing economies comprise 45 members of ADB and coverCentral Asia, East Asia, South Asia, Southeast Asia and the Pacific.
In a special assessment of the region released on July20, ADB said these economies are expected to grow faster than previouspredictions thanks to buoyant exports, strong private demand, andsustained stimulus policy effects.
ADB forecastsEast Asian economies - comprising China, the Republic of Korea, HongKong and Taiwan - to expand 8.4 percent, slightly higher than the 8.3percent predicted earlier this year.
Aggregategrowth in Southeast Asia is now expected to be 6.7 percent this year,sharply higher than the previous projection of 5.1 percent.
First-quarter growth in the five bigger economies in thisregion - Indonesia, Malaysia, Philippines, Singapore and Thailand -exceeded expectations on account of strong exports, robust industrialproduction and improved consumer confidence.
InSouth Asia, recent economic indicators have been broadly withinexpectations. ADB forecasts aggregate growth of 7.5 percent, slightlyhigher than the April projection of 7.4 percent. India’s growthprojection is unchanged at 8.2 percent.
ADB madepositive predictions for economic development in Central Asia, expectingthe region’s economy to grow by an aggregate 4.8 percent.
Growth in the Pacific island economies is now forecast at 3.8percent, versus 3.7 percent forecast in April.
However, ADB also warned downside risks in the second half of the yearincluding an uncertain global environment, unpredictable privatedomestic demand, the risks of dramatic capital flows and exchange ratefluctuations./.
The Asian developing economies comprise 45 members of ADB and coverCentral Asia, East Asia, South Asia, Southeast Asia and the Pacific.
In a special assessment of the region released on July20, ADB said these economies are expected to grow faster than previouspredictions thanks to buoyant exports, strong private demand, andsustained stimulus policy effects.
ADB forecastsEast Asian economies - comprising China, the Republic of Korea, HongKong and Taiwan - to expand 8.4 percent, slightly higher than the 8.3percent predicted earlier this year.
Aggregategrowth in Southeast Asia is now expected to be 6.7 percent this year,sharply higher than the previous projection of 5.1 percent.
First-quarter growth in the five bigger economies in thisregion - Indonesia, Malaysia, Philippines, Singapore and Thailand -exceeded expectations on account of strong exports, robust industrialproduction and improved consumer confidence.
InSouth Asia, recent economic indicators have been broadly withinexpectations. ADB forecasts aggregate growth of 7.5 percent, slightlyhigher than the April projection of 7.4 percent. India’s growthprojection is unchanged at 8.2 percent.
ADB madepositive predictions for economic development in Central Asia, expectingthe region’s economy to grow by an aggregate 4.8 percent.
Growth in the Pacific island economies is now forecast at 3.8percent, versus 3.7 percent forecast in April.
However, ADB also warned downside risks in the second half of the yearincluding an uncertain global environment, unpredictable privatedomestic demand, the risks of dramatic capital flows and exchange ratefluctuations./.
