ADB: Asian economies to drive growth this year
External demand and commodity price rebound will offset China slowdown
The Asian Development Bank released its annual outlook report for 2017, forecasting steady GDP growth of 5.7% for this year and next, down from 5.8% last year.
According to ADB’s chief economist Yasuyuki Sawada, “developing Asia continues to drive the global economy even as the region adjusts to a more consumption-driven economy in the People’s Republic of China (PRC) and looming global risks”
- South Asia is the fastest growing subregion with expected growth of 7% this year and higher in 2018.
- Southeast Asia growth will accelerate further over the next two years, at a rate of 4.8% for this year, and will possibly reach 5% growth next.
- Central Asia is projected to see 3.1% growth this year and 3.5% in 2018 on the rise in commodity prices and increased exports.