Manila, Dec 13 - The economies of developing countries of Asia are expected to record a 6% growth in 2017, a decimal higher than the September-forecast, the Asian Development Bank said.
The bank, headquartered here in the Philippines, kept the 2018 GDP growth forecast at 5.8% and attributed the elevated forecast for 2017 to stronger exports and domestic consumption, Efe news reported.
"Developing Asia's growth momentum, supported by recovering exports, demonstrates that openness to trade remains an essential component of inclusive economic development," ADB's Chief Economist, Yasuyuki Sawada, said in a statement.
According to the ADB, higher growth in Central, East and Southeast Asia compensated for the deceleration in South Asia, which continued to be the fastest growing region despite slowing down, with forecasts of 6.5% for 2017 and 7% for 2018.
The bank predicted a 6.2% growth in 2017 for East Asia, two decimal points higher than the earlier prediction, due to resilient consumption in China - where 6.8% growth has been predicted - and maintained a 5.8% forecast for the region in 2018.
For Southeast Asia, the forecast was 5.2% for both 2017 and 2018, a rise of two and one decimal points, respectively.
The forecast for Central Asia has been revised from 3.3 to 3.6% for 2017 while maintaining a 3.9% prediction for 2018, while the Pacific region is expected to grow at 2.9% this year and 3.2% in the next, same as predicted earlier.
The ADB also revised forecasts for combined growth for the major industrial economies upward to 2.2% for 2017 and 2% for 2018, owing to strong domestic demand in the euro area, and private investment in Japan.