Growth in Asia and the Pacific's developing economies for 2018 and 2019 will remain solid as growth continues apace across the region, despite rising tensions between the United States and its trading partners, says a new Asian Development Bank (ADB) report.
In a supplement to its Asian Development Outlook (ADO) 2018 report released last April, ADB forecasts 2018 growth for Asia and the Pacific at 6.0 percent for 2018 and 5.9 percent for 2019, in line with its previous projections. Excluding Asia's newly industrialized economies, growth is forecast at 6.5 percent in 2018 and 6.4 percent in 2019, also unchanged from April.
"Although rising trade tensions remain a concern for the region, protectionist trade measures implemented so far in 2018 have not significantly dented buoyant trade flows to and from developing Asia," said ADB Chief Economist Yasuyuki Sawada. "Prudent macroeconomic and fiscal policymaking will help economies across the region prepare to respond to external shocks, ensuring that growth in the region remains robust."
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