01 April 2014 09:46 [Source: ICIS news]
SINGAPORE (ICIS)--Developing Asian economies will likely extend the steady economic growth this year, with higher demand from recovering advanced economies to be partly dampened by moderating growth in China, the Asian Development Bank (ADB) said on Tuesday.
Developing Asian economies are expected to see GDP growth of 6.2% and 6.4% in 2014 and 2015, respectively, compared with the 6.1% expansion in 2013, ADB said in its Asian Development Outlook 2014 publication.
“Developing Asia is successfully navigating a challenging global economic landscape and is well positioned to grow steadily over the next two years,” ADB president Takehiko Nakao said.
“Risks to the outlook have eased compared to the recent past and policymakers in the region can manage them,” Nakao added.
“At the same time, countries should continue to make every effort to pursue sound macroeconomic policies and needed structural reforms,” he said.
Across the sub-regions, east Asia will see its growth trend flatten as growth moderates in China, which ADB expects to expand by 7.5% in 2014 and 7.4% in 2015. China’s economy grew by 7.7% in 2013.
The slower growth in China will offset upswings in the newly industrialised economies of South Korea, Hong Kong and Taiwan, ADB said.
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