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  3. Growth in developing Asia to be slower than previously thought: ADB

Growth in developing Asia to be slower than previously thought: ADB

22 Sep 2015 Evaluate

The Asian Development Bank (ADB) in its 2015 outlook update has said that growth in developing Asia will likely be slower than previously thought as a slowdown in China's economy hurts demand. The bank has said that developing Asia is now expected to grow 5.8 percent and 6.0 percent this year and in 2016, down from the ADB's July forecast of 6.1 percent and 6.2 percent. The report, which covers 45 economies, cut forecasts for some of the region's biggest countries including China, India, South Korea and Indonesia. The ADB said that the capital outflows could accelerate ahead of the Fed rate hike and urged policymakers to strengthen financial systems in the region to mitigate shocks.

As per the report India's growth is seen weaker at 7.4 percent and 7.8 percent for this year and next compared with its July forecasts of 7.8 percent and 8.2 percent, citing slower progress on major reforms, which has hindered investment, and sagging exports. The Chinese economy, which grew a revised 7.3 per cent last year, is now tipped to slow to 6.8 per cent growth in 2015 and 6.7 per cent in 2016. That's down from 7.2 per cent and 7.0 per cent forecast previously.

The ADB slashed its growth forecast for South Asia to 6.9 percent this year and 7.3 percent next year compared with the 7.3 percent and 7.6 percent estimates made in July. Southeast Asia's growth will be at 4.4 percent this year, same as last year and down from its July forecast of 4.6 percent, before accelerating to 4.9 percent next year.

The report said that despite robust consumption demand, economic activity fell short of expectations in the first eight months of the year as investments and exports underperformed' in China The Manila-based lender has however said that it expects the pressure to ease once the recovery in the world's advanced economies picks up, strengthening global demand.

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