MANILA, July 18 (Reuters) - The Asian Development Bank said
on Thursday developing Asia is on track to meet the lender's
growth expectations for this year and next, even as trade
tensions between the United States and China keep casting a
shadow over the global economy.
Developing Asia, a group of 45 countries in the Asia-Pacific
region, is still expected to grow 5.7% this year and 5.6% next
year, the ADB said in a supplement to its Asian Development
Outlook report issued in April. "Even as the trade conflict continues, the region is set to
maintain strong but moderating growth", said ADB Chief Economist
Yasuyuki Sawada. "However, until the world's two largest
economies reach agreement, uncertainty will continue to weigh on
the regional outlook."
The ADB also kept its 6.3% and 6.1% growth projections for
China for 2019 and 2020, even after growth in the world's second
largest economy slowed to 6.2% in the second quarter, saying
policy support should offset softening growth in domestic and
external demand.
The lender cut India's growth forecast to 7.0% in 2019 and
7.2% in 2020, from 7.2% and 7.3%, respectively, seen in April.
Citing higher oil prices, the ADB raised its average
inflation forecast for developing Asia to 2.6% for 2019 and 2020
from 2.5% for both years.
GDP GROWTH,
pct
YEAR 2018 2019 2019 2020 2020
APRIL JULY APRIL JULY
Central Asia 4.3 4.2 4.3 4.2 4.2
East Asia 6.0 5.7 5.6 5.5 5.5
China 6.6 6.3 6.3 6.1 6.1
South Asia 6.6 6.8 6.6 6.9 6.7
India 6.8 7.2 7.0 7.3 7.2
SEast Asia 5.1 4.9 4.8 5.0 4.9
Indonesia 5.2 5.2 5.2 5.3 5.3
Malaysia 4.7 4.5 4.5 4.7 4.7
Myanmar n/a 6.6 n/a 6.8 n/a
Philippines 6.2 6.4 6.2 6.4 6.4
Singapore 3.1 2.6 2.4 2.6 2.5
Thailand 4.1 3.9 3.5 3.7 3.6
Vietnam 7.1 6.8 6.8 6.7 6.7
The Pacific 1.0 3.5 3.5 3.2 3.2
Developing 5.9 5.7 5.7 5.6 5.6
Asia
INFLATION,
pct
YEAR 2018 2019 2019 2020 2020
APRIL JULY APRIL JULY
Central Asia 8.3 7.8 8.1 7.2 7.1
East Asia 2.0 1.8 2.1 1.8 1.9
China 2.1 1.9 2.3 1.8 2.0
South Asia 3.6 4.7 4.5 4.9 5.1
India 3.4 4.3 4.1 4.6 4.4
Southeast 2.7 2.6 2.4 2.7 2.7
Asia
Indonesia 3.2 3.2 3.2 3.3 3.3
Malaysia 1.0 2.0 1.0 2.7 2.0
Myanmar n/a 6.8 n/a 7.5 n/a
Philippines 5.2 3.8 3.0 3.5 3.5
Singapore 0.4 0.7 0.7 0.9 0.9
Thailand 1.1 1.0 1.0 1.0 1.0
Vietnam 3.5 3.5 3.5 3.8 3.8
The Pacific 3.9 3.7 3.6 4.0 3.9
Developing 2.4 2.5 2.6 2.5 2.6
Asia