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Financial News: ADB Retains Developing Asia's Growth Outlook

ADB Retains Developing Asia's Growth Outlook

07/18/2019 - 08:10:00 (RTTNews)

(RTTNews) - The Asian Development Bank maintained its growth projection for developing Asia despite escalating trade conflicts between China and the United States.

According to Asian Development Outlook Supplement, released Thursday, the region is set to grow at a pace of 5.7 percent in 2019 before slowing marginally to 5.6 percent in 2020. The rates were unchanged from the forecast published in April.

"Deepening trade tensions still constitute the main risk to the outlook," the lender said.

Despite trade tensions, ADB maintained China growth projection at 6.3 percent this year and 6.1 percent in 2020.

Nonetheless, the agency downgraded India's growth projection for 2019 to 7 percent from 7.2 percent forecast in April and that for 2020 to 7.2 percent from 7.3 percent, as the fiscal 2018 outturn fell short.

The South Asian outlook remained robust, with growth projected at 6.6 percent in 2019 and 6.7 percent in 2020, the ADB noted.

Southeast Asia grew less than anticipated, resulting in slight downward revisions to the growth forecasts, ADB said. The region is expected to advance 4.8 percent in 2019 and 4.9 percent in 2020.

The growth outlook in east Asia was revised down slightly for 2019 to 5.6 percent from 5.7 percent on account of slower-than-expected expansion in the South Korea.

The projected growth rate for Central Asia was raised to 4.3 percent from 4.2 percent this year, mainly reflecting a slightly improved outlook for Kazakhstan.

Further, inflation projections for developing Asia were revised up a notch to 2.6 percent from 2.5 percent in both 2019 and 2020, reflecting higher oil prices and several domestic factors, the Manila-based lender said.

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