The Manila-based ADB on Thursday upgraded its growth forecasts for this year to 5.9 percent from an earlier forecast of 5.7 percent.
China's economy beat expectations with 6.9% growth in the second quarter, in part driven by firmer exports and production, which could heighten trade tensions as the United States and Beijing begin economic talks on Wednesday.
The Asian Development Bank raised its growth outlook for developing Asia, citing stronger-than-expected export demand.
Likewise, the projection for 2018 was lifted slightly to 5.8% from 5.7%. South Asia will grow 7% this year and 7.2% in 2018, ADB said. Southeast Asia is also on track to meet forecasts of 4.8 per cent growth this year and 5.0 per cent next year, helped by high first quarter growth in Malaysia, the Philippines and Singapore, the ADB said. It expects developing Asia to grow at a 5.8 percent pace in 2018, up from its earlier forecast of 5.7 percent.
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"Despite lingering uncertainties surrounding the strength of the global recovery, we feel that the region's economies are well-placed to face potential shocks to the outlook", he said. The bank maintained its 7.4 per cent growth forecast for India this year and 7.6 per cent for 2018, primarily from strong consumption, and the rest of South Asia's prospects also remained robust. "Ample supply has held world oil prices low despite rising demand, while favourable weather has kept food prices stable".
In a supplement to its Asian Development Outlook 2017 report released in April, the ADB upgraded its growth outlook in the region.
"Price inflation is now expected to drop to 2.6 per cent in 2017, revised down by 0.4 percentage points, and three per cent in 2018 compared to the original projections of three and 3.2 per cent, respectively", the report added.
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