Question: Which of the following country has emerged as the fastest growing economy in the Asia-Pacific region?
- On 19 June 2019, ADB Country Director for Bangladesh Resident Mission Manmohan Parkash handed over the Asian Development Outlook (ADO) 2019 to the country’s Prime Minister Sheikh Hasina.
- As per the report of Asian Development Bank (ADB), Bangladesh is the fastest growing economy in the Asia-Pacific region comprised of 45 countries.
- In the financial year 2018-19, country’s GDP growth accelerated to 7.9 % which is its fastest rate since 1974.
- The bank has predicted 8% growth rate for Bangladesh in both fiscal 2019 &2020 terming it a new record.
- Higher public sector investment, stronger consumption demand, revival in exports, improved power supply and higher growth in private sector credit were the key drivers of the high growth performance of Bangladesh.
- The report figures moderate growth across most of developing Asia -5.7 percent in 2019 and 5.6 percent in 2020.However, the growth rate was 6.2 percent in 2017 and 5.9 percent in 2018.
- Meanwhile, India’s growth is forecasted to pick up modestly to 7.2% in FY2019 and expected to edge up further to 7.3% in FY2020. The economic growth was 7.0% in FY2018 and 7.2% in FY2017.
- As of the report, South Asia will see buck trend of slowing growth in Asia – 6.8 percent in 2019 and 6.9 percent in 2020.