Tuesday, Apr 16 2024 | Time 17:05 Hrs(IST)
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Business EconomyPosted at: Dec 13 2017 3:52PM


“Developing Asia’s growth momentum, supported by recovering exports, demonstrates that openness to trade remains an essential component of inclusive economic development,” said Yasuyuki Sawada, ADB’s Chief Economist. “Countries can further take advantage of the global recovery by investing in human capital and physical infrastructure that will help sustain growth over the long-term.”
Combined growth for the major industrial economies is revised upward to 2.2 per cent for 2017 and 2 per cent for 2018, due to robust domestic demand in the euro area, and in Japan due to private investment and net exports. Growth projections for the United States remain unchanged at 2.2 per cent in 2017 and 2.4 per cent in 2018.
By subregion, growth for East Asia is revised upward to 6.2 per cent in 2017, from 6 per cent, while 2018 projections of 5.8 per cent are unchanged. Growth prospects in the People’s Republic of China (PRC)—the world’s second largest economy—are revised up on resilient consumption. Growth in the PRC is now expected to expand by 6.8 per cent in 2017 and 6.4 per cent in 2018.
According to the ADB report, South Asia will remain the fastest growing of all subregions in Asia and the Pacific, despite a downward revision from previous projections from 6.7 per cent to 6.5 per cent in 2017, and is expected to pick up to 7 per cent in 2018.
Growth for Southeast Asia is picking up faster than earlier forecast with GDP set to expand by 5.2 per cent in 2017 and 2018, compared to September 2017 forecasts of 5 per cent and 5.1 per cent. The subregion is benefiting from stronger investments and exports, with accelerating growth for Brunei Darussalam, Malaysia, the Philippines, Singapore, and Thailand.
Infrastructure investment continued to play an important role in Indonesia, the Philippines, and Thailand. Robust domestic demand—particularly private consumption and investment—will continue to support growth in the subregion, according to the report.
The outlook for Central Asia this year has further improved as stronger domestic demand and exports in some countries have fueled recovery in the subregion. Growth is expected to reach 3.6 per cent in 2017 compared to the 3.3 per cent originally projected. The 2018 forecasts for Central Asia are unchanged at 3.9 per cent.
Growth in the Pacific is expected to remain at 2.9 per cent in 2017 and 3.2 per cent in 2018 with Papua New Guinea—the subregion’s largest economy—continuing its gradual recovery due to rebounding mining and agriculture industries. Post-disaster reconstruction and tourism are expected to drive growth further in the subregion, particularly in Fiji and Vanuatu.
UNI ADP SHK 1552
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