|

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 stays defensive below 1.1900 as USD recovers

EUR/USD trades in negative territory for the third consecutive day, below 1.1900 in the European session on Thursday. A modest rebound in the US Dollar is weighing on the pair, despite an upbeat market mood. Traders keep an eye on the US weekly Initial Jobless Claims data for further trading impetus. 

GBP/USD holds above 1.3600 after UK data dump

\GBP/USD moves little while holding above 1.3600 in the European session on Thursday, following the release of the UK Q4 preliminary GDP, which showed a 0.1% growth against a 0.2% increase expected. The UK industrial sector activity deteriorated in Decembert, keeping the downward pressure intact on the Pound Sterling. 

Gold sticks to modest intraday losses as reduced March Fed rate cut bets underpin USD

Gold languishes near the lower end of its daily range heading into the European session on Thursday. The precious metal, however, lacks follow-through selling amid mixed cues and currently trades above the $5,050 level, well within striking distance of a nearly two-week low touched the previous day.

Cardano eyes short-term rebound as derivatives sentiment improves

Cardano (ADA) is trading at $0.257 at the time of writing on Thursday, after slipping more than 4% so far this week. Derivatives sentiment improves as ADA’s funding rates turn positive alongside rising long bets among traders.

The market trades the path not the past

The payroll number did not just beat. It reset the tone. 130,000 vs. 65,000 expected, with a 35,000 whisper. 79 of 80 economists leaning the wrong way. Unemployment and underemployment are edging lower. For all the statistical fog around birth-death adjustments and seasonal quirks, the core message was unmistakable. The labour market is not cracking.

Sonic Labs’ vertical integration fuels recovery in S token

Sonic, previously Fantom (FTM), is extending its recovery trade at $0.048 at the time of writing, after rebounding by over 12% the previous day. The recovery thesis’ strengths lie in the optimism surrounding Sonic Labs’ Wednesday announcement to shift to a vertically integrated model, aimed at boosting S token utility.