Business

ADB sees faster growth for Asia

MANILA Surging global demand for Asian exports and low oil prices will help China and the region's developing economies grow faster than expected this year and next, the Asian Development Bank (ADB) said yesterday.

The region should now grow by 5.9 per cent this year and 5.8 per cent in 2018, the Manila-based lender said in a report.

The bank updated its earlier forecasts, released in April, that predicted 5.7 per cent growth for the region this year and next.

"Unanticipated external demand has improved growth prospects for developing Asia," ADB said.

Developing Asia grew by 5.8 per cent last year.

China's economy grew by a stronger than expected 6.9 per cent in the first half this year, which should help it expand by 6.7 per cent for 2017 and 6.4 per cent in 2018, the report added.

The bank maintained its 7.4 per cent growth forecast for India this year and 7.6 per cent for 2018, primarily from strong consumption, and the rest of South Asia's prospects also remained robust.

South-east Asia is also on track to meet forecasts of 4.8 per cent growth this year and 5 per cent next year, helped by high first-quarter growth in Malaysia, the Philippines and Singapore, ADB said. - AFP

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