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Financial News: ADB Lowers Developing Asia's Growth Projections

ADB Lowers Developing Asia's Growth Projections

09/25/2019 - 02:29:00 (RTTNews)

(RTTNews) - The Asian Development Bank downgraded its developing Asia's growth outlook as risks to prospects rise amid heightened trade disputes and weak investment.

According to Asian Development Outlook (ADO) 2019 Update, released Wednesday, a group of 45 countries of developing Asia will grow 5.4 percent in 2019 and 5.5 percent in 2020.

The lender had earlier projected 5.7 percent growth for 2019 and 5.6 percent for 2020.

ADB said, "The revisions reflect gloomier prospects for international trade and evidence of slowing growth in the advanced economies and the People's Republic of China, as well as in India and the larger economies in East and Southeast Asia."

Citing the slowdown in global trade and a sharp downswing in the electronic cycle, China's growth outlook was lowered to 6.2 percent this year and 6 percent next year. The forecast for 2019 was reduced from 6.3 percent and that for 2020 from 6.1 percent estimated in July.

East Asia as a whole is expected to grow 5.5 percent in 2019 and 5.4 percent in 2020, and Southeast Asia is seen expanding 4.5 percent and 4.7 percent, respectively.

India's growth is forecast to ease to 6.5 percent in 2019 before ticking up to 7.2 percent in 2020 as weaker investment ahead of May general elections and tight credit weighed on growth prospects. The agency earlier forecast 7 percent growth for 2019 and 7.2 percent for 2020.

South Asia as a whole is seen growing 6.2 percent and 6.7 percent in 2019 and 2020, respectively. Central Asia's economic growth is forecast at 4.4 percent this year and 4.3 percent next year.

Largely reflecting rising food prices, inflation across developing Asia is forecast to increase from 2.5 percent in 2018 to 2.7 percent this year and in 2020.

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