The Asian Development Bank (ADB) has upgraded its economic growth forecast for developing Asian economies to 7.9 percent from 7.5 percent.
The Asian developing economies comprise 45 members of ADB and cover Central Asia, East Asia, South Asia, Southeast Asia and the Pacific.
In a special assessment of the region released on July 20, ADB said these economies are expected to grow faster than previous predictions thanks to buoyant exports, strong private demand, and sustained stimulus policy effects.
ADB forecasts East Asian economies - comprising China, the Republic of Korea, Hong Kong and Taiwan - to expand 8.4 percent, slightly higher than the 8.3 percent predicted earlier this year.
Aggregate growth 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 this region - Indonesia, Malaysia, Philippines, Singapore and Thailand - exceeded expectations on account of strong exports, robust industrial production and improved consumer confidence.
In South Asia, recent economic indicators have been broadly within expectations. ADB forecasts aggregate growth of 7.5 percent, slightly higher than the April projection of 7.4 percent. India’s growth projection is unchanged at 8.2 percent.
ADB made positive predictions for economic development in Central Asia, expecting the region’s economy to grow by an aggregate 4.8 percent.
Growth in the Pacific island economies is now forecast at 3.8 percent, versus 3.7 percent forecast in April.
However, ADB also warned downside risks in the second half of the year including an uncertain global environment, unpredictable private domestic demand, the risks of dramatic capital flows and exchange rate fluctuations./.
The Asian developing economies comprise 45 members of ADB and cover Central Asia, East Asia, South Asia, Southeast Asia and the Pacific.
In a special assessment of the region released on July 20, ADB said these economies are expected to grow faster than previous predictions thanks to buoyant exports, strong private demand, and sustained stimulus policy effects.
ADB forecasts East Asian economies - comprising China, the Republic of Korea, Hong Kong and Taiwan - to expand 8.4 percent, slightly higher than the 8.3 percent predicted earlier this year.
Aggregate growth 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 this region - Indonesia, Malaysia, Philippines, Singapore and Thailand - exceeded expectations on account of strong exports, robust industrial production and improved consumer confidence.
In South Asia, recent economic indicators have been broadly within expectations. ADB forecasts aggregate growth of 7.5 percent, slightly higher than the April projection of 7.4 percent. India’s growth projection is unchanged at 8.2 percent.
ADB made positive predictions for economic development in Central Asia, expecting the region’s economy to grow by an aggregate 4.8 percent.
Growth in the Pacific island economies is now forecast at 3.8 percent, versus 3.7 percent forecast in April.
However, ADB also warned downside risks in the second half of the year including an uncertain global environment, unpredictable private domestic demand, the risks of dramatic capital flows and exchange rate fluctuations./.
