ADB cuts Southeast Asia 2014 growth forecast to 4.7%

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asian-development-bankThe Asian Development Bank (ADB) has cut its growth forecast for Southeast Asia this year, as the Thai coup, Indonesia’s mineral export ban and industrial park riots in Vietnam take a toll.

In its 2014 outlook supplement, the ADB said on July 18 that the region is now expected to grow 4.7 per cent this year, compared to its forecast in April of 5.0 per cent. Growth in 2015 in Southeast Asia is still expected to be around 5.4 per cent.

Expectations of economic reform by Prime Minister Narendra Modi’s new government mean that the Manila-based lender has raised its 2015 growth forecast for India to 6.3 per cent from 6.0 per cent, though 2014 is still expected to see 5.5 per cent expansion.

The ADB kept its growth forecast for China at 7.5 per cent in 2014 and 7.4 per cent in 2015.

For developing Asia as a whole, the 2014 and 2015 expectations for GDP growth were maintained at 6.2 per cent and 6.4 per cent respectively. Inflation in the region in 2014 is now forecast to be a touch lower at 3.5 per cent, compared to the 3.6 per cent seen in April.

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Reading Time: 1 minute

The Asian Development Bank (ADB) has cut its growth forecast for Southeast Asia this year, as the Thai coup, Indonesia’s mineral export ban and industrial park riots in Vietnam take a toll.

Reading Time: 1 minute

asian-development-bankThe Asian Development Bank (ADB) has cut its growth forecast for Southeast Asia this year, as the Thai coup, Indonesia’s mineral export ban and industrial park riots in Vietnam take a toll.

In its 2014 outlook supplement, the ADB said on July 18 that the region is now expected to grow 4.7 per cent this year, compared to its forecast in April of 5.0 per cent. Growth in 2015 in Southeast Asia is still expected to be around 5.4 per cent.

Expectations of economic reform by Prime Minister Narendra Modi’s new government mean that the Manila-based lender has raised its 2015 growth forecast for India to 6.3 per cent from 6.0 per cent, though 2014 is still expected to see 5.5 per cent expansion.

The ADB kept its growth forecast for China at 7.5 per cent in 2014 and 7.4 per cent in 2015.

For developing Asia as a whole, the 2014 and 2015 expectations for GDP growth were maintained at 6.2 per cent and 6.4 per cent respectively. Inflation in the region in 2014 is now forecast to be a touch lower at 3.5 per cent, compared to the 3.6 per cent seen in April.

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