In a supplement to its Asian Development Outlook 2016 Update report, the bank said growth forecasts remain unchanged at 4.5% in 2016 and 4.6 percent in 2017, with Malaysia and the Philippines expecting stronger growth.
The bank also slightly lowered its 2016 growth forecast for developing Asia, including India.
Structural reforms to boost productivity, improve investment climate, and support domestic demand can help maintain Asia's growth momentum. (Source: adb.org) |
The developing Asia, which groups 45 countries and territories in the Asia-Pacific region, is expected to expand 5.6% this year, slightly weaker than a previous forecast of 5.7%, the ADB said in its report.
The bank trimmed its growth estimate for India this year to 7.0% from 7.4% due to weak investment, agricultural slowdown and the government's recent demonetisation, but India is expected to end 2017 at faster growth rate of 7.8%.
The ADB said China is seen expanding 6.6% this year and 6.4% next year.
Meanwhile, the bank downgraded the forecast in South Asia from 6.9% to 6.6% in 2016. Growth will bounce back in 2017, reaching 7.3%.
