Asian Development Bank (ADB) reported on Thursday (July 19) that growth in Asia and the Pacific’s developing economies for 2018 and 2019 will remain solid as growth continues apace across the region, despite rising tensions between the United States and its trading partners.
ADB forecasts 2018 growth for Asia and the Pacific at 6.0% for 2018 and 5.9% for 2019, in line with its previous projections. Excluding Asia’s newly industrialized economies, growth is forecast at 6.5% in 2018 and 6.4% in 2019.
Prudent macroeconomic and fiscal policymaking will help economies across the region prepare to respond to external shocks, ensuring that growth in the region remains robust. China is projected to meet forecasts of 6.6% in 2018 and 6.4% in 2019, as the government’s efforts to rebalance growth toward domestic consumption remain on track.
In Southeast Asia, growth projections for the subregion remain unchanged at 5.2% in both 2018 and 2019, as robust domestic demand continue to support economies in the region. Higher public investment boosted first quarter growth in Indonesia, the Philippines, and Thailand, while private investment was strong in Viet Nam.
