|

ADB raises 2017 growth forecast for developing Asia - Nikkei

In its latest Asian Development Outlook Supplement report published on Wednesday, the Asian Development Bank (ADB) raised its economic growth outlook for Asia in 2017, while maintaining its projection for 5.8% growth for developing Asia in 2018.

Key Points:

“Expects economic growth in the region to slow in 2018

The ADB maintained its projection for 5.8% growth for developing Asia in 2018 while hiking its estimate for 2017 to 6.0% from 5.9%.

The ADB has kept its 2018 forecast for China, which accounts for roughly 60% of the regional economy, at 6.4%. Next year's outlook is slower than the upgraded 6.8% projection for 2017

East Asia growth is projected to slow to 5.8% next year, as most economies in the subregion moderate, including South Korea, Taiwan, and Hong Kong.

India is seen expanding by 7.3% next year, slightly lower than initially forecast

For Southeast Asia, the ADB boosted its growth projections to 5.2% in 2017 and 2018.

Growth projections for next year were revised upwards for the Philippines, Thailand, Vietnam, and Singapore.”

The report said, "Unexpectedly strong expansion in Central, East, and Southeast Asia more than offsets a downward adjustment to growth for South Asia. Lackluster investment growth in heavy industries with excess capacity will be only partly offset by strong investment in less capital-intensive emerging industries, consumer-oriented industries, and services." 

Author

Dhwani Mehta

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

More from Dhwani Mehta
Share:

Editor's Picks

EUR/USD loses traction, breaks below 1.1900

EUR/USD comes under extra downside pressure, breaching below the 1.1900 support once again on Tuesday. The improved tone in the US Dollar keeps the pair on the back foot after two consecutive daily advances. In the meantime, prudence is expected to kick in ahead of the release of the key US Nonfarm Payrolls on Wednesday.

GBP/USD slips back to daily lows near 1.3640

GBP/USD drops to daily lows near 1.3640 as sellers push harder and the Greenback extends its rebound in the latter part of Tuesday’s session. Looking ahead, the combination of key US releases, including NFP and CPI, alongside important UK data, should keep the pound firmly in focus over the coming days.

Gold the battle of wills continues with bulls not ready to give up

Gold remains on the defensive and approaches the key $5,000 region per troy ounce on Tuesday, giving back part of its recent two day. The precious metal’s pullback unfolds against a firmer tone in the US Dollar, declining US Treasury yields and steady caution ahead of upcoming key US data releases.

Bitcoin's downtrend caused by ETF redemptions and AI rotation: Wintermute

Bitcoin's (BTC) fall from grace since the October 10 leverage flush has been spearheaded by sustained ETF outflows and a rotation into the AI narrative, according to Wintermute.

Dollar drops and stocks rally: The week of reckoning for US economic data

Following a sizeable move lower in US technology Stocks last week, we have witnessed a meaningful recovery unfold. The USD Index is in a concerning position; the monthly price continues to hold the south channel support.

XRP holds $1.40 amid ETF inflows and stable derivatives market

Ripple trades under pressure, with immediate support at $1.40 holding at the time of writing on Tuesday. A recovery attempt from last week’s sell-off to $1.12 stalled at $1.54 on Friday, leading to limited price action between the current support and the resistance.