Construction in the Philippines (Source: business.inquirer.net)Asia’s developing economies remain on track to post a 5.8 percent growth this year and 6 percent 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 percent this year and 6.6 percent next year, compared to nearly 6 percent 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 percent for 2015 and 2016, with China growing by 6.9 percent in 2015 and 6.7 percent in 2016.
Growth prospects for Southeast Asia also remain unchanged from the ADB’s September Update , with forecasts at 4.4 percent for 2015 and 4.9 percent for 2016.
South Asia’s outlook remains positive, with the sub-region on track to meet previous growth projections of 6.9 percent in 2015 and 7.3 percent 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 percent and 3.7 percent from 3.3 percent and 4.2 percent, respectively, as continued low commodity prices remain a drag on economic performance.
Growth for the Asia-Pacific is now seen at 6.3 percent in 2015 from 6.7 percent in the September Update , and at 3.8 percent in 2016 from 3.9 percent previously./.