In an update to its Asian Development Outlook report published on Wednesday, the Asian Development Bank (ADB) highlighted that the US-China trade war escalation has darkened the outlook for developing Asia, as cited by Reuters.
Key Findings:
“Developing Asia, a group of 45 countries across Asia and the Pacific, will likely grow 5.4% this year and 5.5% next year, down from the 5.7% and 5.6% growth forecast in July,
Growth in the region was 5.9% in 2018.
China’s economy will probably grow 6.2% this year, weaker than its 6.3% projection in July. Growth in the Chinese mainland is projected to cool further to 6.0% in 2020. China is targeting 6.0% to 6.5% growth in 2019.
By sub-regions, South Asia will remain the fastest-growing in Asia Pacific, even after the ADB trimmed its 2019 outlook to 6.2% from 6.6% as it also slashed its growth estimate for India to 6.5% from 7.0%.
ADB maintained India’s 7.2% growth projection for next year.”
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