Question: What is the growth forecast of developing Asia in 2019 as per Asian Development Outlook, 2019 published by Asian Development Bank?
- On 3rd April, 2019, Asian Development Bank released its report Asian Development Outlook 2019 (flagship economic publication).
- ADB’s annual macroeconomic forecast predicts growth in developing Asia will remain robust but moderate to 5.7% in 2019 and 5.6% in 2020. Developing Asia’s growth in 2018 was 5.9%.
- Growth overall will remain solid with domestic consumption strong or expanding in most economies around the region and this will soften the impact of slowing exports. Inflation will remain subdued, while persistent trade tensions continue to weigh on the region.
- Sub-region wise, Southeast Asia will sustain growth at close to 5 percent this year and the next.
- India’s growth is set to pick up and is expected to grow at 7.2 percent in the current fiscal in strengthening consumption.
- It is expected to rebound to 7.2 percent in 2019 and 7.3 percent in 2020 as policy rates are cut and farmers receive income support, bolstering domestic demand.