ADB keeps developing Asia growth forecast at 4.8 Pct

TOKYO, July 19 (KUNA) -- The Asian Development Bank (ADB) on Wednesday maintained its growth outlook for developing Asia at 4.8 percent this year, saying robust domestic demand continues to support the region's recovery.

In its Asian Development Outlook, the Manila-based lender revised down its April forecast for Asia's 46 developing economies in 2024, excluding Japan and other industrialized countries, from 4.8 percent to 4.7 percent.
"Asia and the Pacific continues to recover from the pandemic at a steady pace," ADB Chief Economist Albert Park said, according to ADB's Website. "Domestic demand and services activity are driving growth, while many economies are also benefiting from a strong recovery in tourism. However, industrial activity and exports remain weak, and the outlook for global growth and demand next year has worsened," said Park.
The bank kept its growth forecast for China, Asia's biggest economy, at 5.0 percent in 2023 and 4.5 percent in 2024 amid strong domestic demand in the services sector.
The reopening of China is bolstering the region's growth, but demand for developing Asia's exports of electronics and other manufactured goods is slowing, as monetary tightening drags on economic activity in major advanced economies, it noted.
The ADB maintained its growth forecasts for most sub regions in Asia, with exceptions including Southeast Asia, where the outlook is lowered to 4.6 percent this year and 4.9 percent next year, compared with April estimates of 4.7 percent and 5.0 percent, respectively.
The ADB is a multilateral development finance institution dedicated to reducing poverty in Asia and the Pacific. Established in 1966, it has now owned by 68 members, with 49 from the region, as well as the US, the UK and Germany.(end) mk.hs.