ADB: Asian growth remains steady in 2015, 2016
Asia’s developing economies remain on track to post a 5.8% growth this year and 6% in 2016 despite economic slowdown in the US, Japan and the Eurozone, reported the Asian Development Bank (ADB).
The Vietnamese economy is forecast to expand 6.5% this year and 6.6% next year, compared to nearly 6% last year.
According to ADB Chief Economist Shang-Jin Wei, the region’s growth is supported by vibrant private consumption in China whose population is over 1.4 billion and expanded industrial production in India where the population nears 1.3 billion and other countries.
East Asia’s growth forecast is maintained at 6% for 2015 and 2016, with China growing by 6.9% in 2015 and 6.7% in 2016.
Growth prospects for Southeast Asia also remain unchanged from the ADB’s September Update , with forecasts at 4.4% for 2015 and 4.9% for 2016.
South Asia’s outlook remains positive, with the sub-region on track to meet previous growth projections of 6.9% in 2015 and 7.3% in 2016. Continued strength in India is supported by growth in industrial production, public capital expenditure, and retail sales. This is helping to offset slowdowns seen for Bhutan, the Maldives, and Nepal.
Meanwhile, the growth outlook for Central Asia has been downgraded in both 2015 and 2016 to 3.2% and 3.7% from 3.3% and 4.2%, respectively, as continued low commodity prices remain a drag on economic performance.
Growth for the Asia-Pacific is now seen at 6.3% in 2015 from 6.7% in the September Update , and at 3.8% in 2016 from 3.9% previously.