Asia on track to meet growth expectations
INTERNATIONAL - The Asian Development Bank (ADB) said yesterday developing Asia is on track to meet the lender’s growth expectations for this year and next, even as trade tensions between the US and China keep casting a shadow over the global economy.
Developing Asia, a group of 45 countries in the Asia-Pacific region, is still expected to grow 5.7 percent this year and 5.6 next year, the ADB said in a supplement to its Asian Development Outlook report in April.
“Even as the trade conflict continues, the region is set to maintain strong but moderating growth,” said ADB chief economist Yasuyuki Sawada.
“However, until the world’s two largest economies reach agreement, uncertainty will continue to weigh on the regional outlook.”
The ADB also kept its 6.3percent and 6.1percent growth projections for China for this and next year, even after growth slowed to 6.2percent in the second quarter, saying policy support should offset softening growth in domestic and external demand. The lender cut India’s growth forecast to 7percent this year and 7.2percent next year from 7.3percent in April.