ADB upgrades growth forecasts for Southeast Asia hinh anh 1Buildings under construction in Manila, the Philippines (Photo: AFP/VNA)

Hanoi (VNA) – The Southeast Asian region is likely to record an economic growth rate of 4.8 percent this year and 4.9 percent in 2020, according to the Asian Development Bank (ADB).

The forecasts in the Asian Development Outlook Supplement, unveiled on July 18, were revised up compared to the April report, which predicted the respective figures at 4.9 percent and 5 percent.

The ADB’s growth projections for Vietnam remain at 6.8 percent for 2019 and 6.7 percent for 2020, in line with the forecasts made in April.

The bank expects the economic growth rate of Indonesia at 5.2 percent in 2019 and 5.3 percent in 2020, and Malaysia 4.5 percent and 4.7 percent, also unchanged from the previous forecasts.

Meanwhile, Thailand’s economy will expand by 3.5 percent this year and 3.6 percent next year, down from the previous predictions of 3.9 percent and 3.7 percent.

The growth projections for Singapore were also revised down to 2.4 percent and 2.5 percent from the previous 2.6-percent forecast for both years.

The forecast for the Philippines was downgraded from 6.4 percent to 6.2 percent for 2019, though maintained at 6.4 percent for 2020, according to the ADB.-VNA