Growth in developing Asia remains robust: ADB

MANILA, Sept 25 (Xinhua): Economic growth in developing Asia remains robust but slow-down is expected as trade and investment weaken, according to an updated Asian Development Bank report released on Wednesday.

The report, Asian Development Outlook (ADO) 2019 Update, forecasts economic growth in the 45 economies of developing Asia at 5.4 per cent this year before nudging up to 5.5 per cent in 2020, down from 5.7 per cent previously forecast in 2019 and 5.6 per cent in 2020.

ADO is the flagship economic publication of the Manila-based bank.

The newly lowered forecasts reflect gloomier prospects for international trade due in part to escalating trade tensions between some countries, as well as slowing economic growth in advanced economies and the large economies of developing Asia, including China, India, South Korea, and Thailand.

Excluding the newly industrialised economies of China's Hong Kong, South Korea, Singapore and China's Taiwan, developing Asia is forecast to expand by 6.0 per cent this year and 2020, also down versus ADB's previously forecast 6.2 per cent in 2019 and 6.1 per cent in 2020.

In Asia, ADB Chief Economist Yasuyuki Sawada said "weakening trade momentum and declining investment are the major concerns (that need to be) monitored closely by policymakers."

The ADO Update report says prospects for growth vary across the subregions of developing Asia.