The Asian Development Bank released its annual outlook report for 2017, forecasting steady GDP growth of 5.7% for this year and next, down from 5.8% last year.
According to ADB’s chief economist Yasuyuki Sawada, “developing Asia continues to drive the global economy even as the region adjusts to a more consumption-driven economy in the People’s Republic of China (PRC) and looming global risks”
- South Asia is the fastest growing subregion with expected growth of 7% this year and higher in 2018.
- Southeast Asia growth will accelerate further over the next two years, at a rate of 4.8% for this year, and will possibly reach 5% growth next.
- Central Asia is projected to see 3.1% growth this year and 3.5% in 2018 on the rise in commodity prices and increased exports.