ADB: Asian economy to grow 6.2% in 2014

April 03, 2014 | 10:13

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Developing Asia will see its steady economic growth at 6.2% in 2014, compared to 6.1% last year, according to the Asian Development Outlook 2014.

ADB’s flagship annual economic publication, Asia Development Outlook 2014) released on April 1, forecast that the region will achieve a GDP growth of 6.4% in 2015.

ADB forecast that demand for Asia’s output is expected to grow as the recovery in the major industrial economies gains momentum.

The improvement in demand will be offset somewhat by moderating growth in China due to impacts from tightened credit growth, pared industrial overcapacity, deepening local government debt, rising wages, currency appreciation, and the continuing shift in the government’s development priorities away from quantity toward quality.

ADB also predicted that Viet Nam will see a GDP growth rate of 5.6% in 2014.

Inflation is expected to average 6.2% this year, assuming reasonably stable food production, moderate policy stimulation, and only slight depreciation of the Vietnamese dong.

Inflation will average 6.6% in 2015 as economic activity picks up.

VGP

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