MANILA: The Asian Development Bank raised its 2018 economic growth estimate for developing Asia to 6.0 percent from 5.8 percent, citing solid export demand, but said US protectionist measures and any retaliation against them could undermine trade.
Growth in developing Asia would only ease slightly to 5.9 percent in 2019, the bank said in its 2018 Asian Development Outlook released recently. Strong external and domestic demand helped economies in the region expand by an average 6.1 percent last year.
Despite growth easing to 6.6 percent in 2017, India's economy is projected to bounce back to 7.3 percent in 2018 and to 7.6 percent in 2019 as the Country's new tax regime improves productivity, the ADB said. The ADB now expects China's economy to grow 6.6 percent this year, faster than the bank's prior estimate of 6.4 percent made in December and by 6.4 percent in 2019.
By region, South Asia will remain the fastest growing in Asia Pacific, with the ADB pegging expansion this year at 7.0 percent and 7.2 percent in 2019.