Economies in Asia and the Pacific are expected to continue going strong with GDP growth expected to reach 6 percent in 2018 and 5.9 percent in 2019, according to the Asian Development Bank’s 2018 outlook.
Expectations are even higher when excluding the high-income, newly industrialised economies, the ADB said in a statement, with respective figures amounting to 6.5 and 6.4 percent.
The positive outlook is primarily due to continued demand for exports and rapidly expanding domestic demand, according to the multilateral.
“Economies across developing Asia will maintain the current growth momentum driven by sound policies, expanding exports and robust domestic demand,” ADB’s chief economist Yasuyuki Sawada said, referring to 45 members of the Manila-based bank.
“Strong regional trade links and rising financial buffers position the region well to withstand potential external shocks, including the risks of rising trade tensions and rapid capital outflows,” he added.
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