ADB projects economic growth of 5.3 percent in 2018

12 Abril, 2018, 01:52 | Author: Gregg Anderson
  • Image for representation

Workers lay out steel bars in constructing the 8-kilometre 4-lane elevated highway along Buendia Avenue in Makati City, Manila, on Aug 3, 2017.

Myanmar's GDP growth rate jumped from 5.9 to 6.8 percent a year ago on the back of a strong agriculture sector, export growth and robust private consumption, the Asian Development Bank (ADB) said in its Asian Development Outlook 2018.

Strong external and domestic demand helped economies in the region expand by an average 6.1% past year.

"Economies across developing Asia will maintain the current growth momentum driven by sound policies, expanding exports, and robust domestic demand", ADB Chief Economist Yasuyuki Sawada said in a statement, adding that strong regional trade links and rising financial buffers put the region in a position to weather external shocks.

Since President Donald Trump at the start of March imposed tariffs on steel and aluminium imports as part of his protectionist "America First" agenda, China and the United States have swapped tit-for-tat tariff threats on goods worth hundreds of billions of dollars.

Aside from highlighting Vietnam's strong growth potential, the ADB underlined several major risks to its positive outlook, including the rise in global trade protectionism, as the country's annual trade now exceeds 185% of GDP. "Protectionist measures and retaliation against them could undermine the recent pick-up in trade growth".

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Household consumption grew by 5.8 percent last year from 7.0 percent in the previous year on the back of higher remittances and employment, with the unemployment rate falling by 1.3 percentage points to 5.3 percent in January this year.

China has set a growth target of around 6.5% this year, the same as last year, which it handily beat with an expansion of 6.9%. "Diversifying exports away from readymade garments and promoting labour intensive manufacturing would help expand industry and underpin continued high economic growth", the ADB country director added.

For 2019, it predicts growth will ease to 5.9 percent.

"Services are projected to grow by two percent in both 2018 and 2019, reflecting modest gains in retail trade, transportation, and tourism thanks to a more competitive exchange rate and the construction of moderately priced hotels", says the ADB report.

Indias economic growth is expected to rebound to 7.3 per cent this fiscal and further to 7.6 per cent in 2019-20 with increased productivity post GST and investment revival due to banking reform, the Asian Development Bank (ADB) said on Wednesday.

Central Asia is projected to slow to 4% in 2018 before picking up to 4.2% next year.

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