ADB lowers forecast for Asia’s developing economies

Tuesday, December 13, 2016 | 19:22:38

(VOVworld)-The Asian Development Bank (ADB) slightly lowered its 2016 growth forecast for developing Asian economies on Tuesday.

ADB lowers forecast for Asia’s developing economies - ảnh 1

(Photo: VNA)

In a supplement to its Asian Development Outlook 2016 Update report, ADB downgraded Asia’s 2016 growth to 5.6%, below its previous projection of 5.7%. The bank tempered India’s growth projection to 7.0% from the previously forecast 7.4% in 2016 due to weak investments, a slowdown in its agricultural sector, and the lack of available cash. The Indian economy is expected to grow by 7.8% in 2017 as previously forecast.

ABD kept its growth forecast for China at 6.6% this year and 6.4% in 2017.

ADB officials predicted strong growth for Asian economies regardless of global uncertainties. Structural reforms to boost productivity, improve investment climate, and support domestic demand could help maintain growth momentum in Asia.