News Worms
News Worms

ADB Raises Developing Asia's Growth Outlook

ADB Raises Developing Asia's Growth Outlook

For 2017, the ADB forecast percent growth - up from two.eight percent, as exports soared 17 percent on-year from January to October - reversing a near eight percent decline in 2016.

The Asian Development Bank (ADB) revised Việt Nam's growth prospect upward to 6.7 per cent in both 2017 and 2018 compared with earlier forecasts of 6.3 and 6.5 per cent, respectively.

ADB raised the Philippine Gross Domestic Product (GDP) growth forecasts from 6.5 percent to 6.7 percent for 2017, and from 6.7 percent to 6.8 percent for 2018.

By region, South Asia will remain the fastest growing region in Asia Pacific, the ADB said, even after the bank cut its 2017 forecast to 6.5 per cent from 6.7 per cent, with India's growth outlook lowered to 6.7 per cent from 7.0 per cent.

For neighbouring China, the bank, however, raised its growth estimates for 2017 to 6.8% from the earlier 6.7%.

Combined growth for the major industrial economies was revised upward to 2.2 percent for 2017 and 2 percent for 2018.

However, the growth outlook for the region is still expected to slow slightly to 5.8% in 2018.

The latest 2018 forecast, on the other hand, was the second hike since a 6.6% estimate made in the April 2017 ADO. "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".

India's recovery from the economic deceleration during the last quarter has been sluggish due to rising crude oil prices and cold private investment growth, according to the ADB.

"Infrastructure investment continued to play important roles in Indonesia, the Philippines and Thailand".

Gross fixed investment more than tripled its growth rate over previous year with the implementation of several large projects in the service and manufacturing sectors and higher spending by public corporations, driving double-digit growth in imports.

ADB said the subregion is benefitting from stronger investments and exports with growth emanating from Brunei, Malaysia, Philippines, Singapore and Thailand.

"This outlook assumes that growth in the government's infrastructure program will accelerate, supported by improvements in budget execution, with more large investment projects under way", the report read. Nonetheless, this is still within the Central Bank's target of 2 percent to 4 percent this year. Price inflation is unchanged from previous projections of 2.4 percent in 2017 and 2.9 percent in 2018.

Further, the ADB said rising commodity prices have not yet driven inflation across the region, with consumer price inflation tame and stable.

"Food price inflation in the first 10 months of 2017 was also notable at 4%", it added.


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