Sep 25, 2014 (LBO) -Developing Asia remains the fastest growing region globally despite slower-than-expected growth in major industrial countries as key economies in the region move ahead with structural reforms, says a new Asian Development Bank (ADB) report. Slowing external demand has hurt some economies in the region but as a whole Asia and the Pacific is on track for firm growth in 2014 and 2015, ShangJin Wei, Chief Economist of Asian Development Bank was quoted in the media release by the bank.
Moving forward structural reform processes in the China, India, and Indonesia, the region’s three biggest economies will be critical in shaping the growth outlook.
In an update of its annual economic publication, Asian Development Outlook 2014, ADB forecasts 6.2 percent growth of gross domestic product (GDP) for the region in 2014 and 6.4 percent in 2015.
The region grew 6.1 percent in 2013.
Developing Asia comprises the 45 ADB developing member countries.
Media Release by ADB reproduced herewith
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