Asian Development Bank forecasts 6% growth for Asia
The report added that economic growth prospects vary across Asia. According to the Bank, in 2015, the economic growth rate in Northeastern and Mid-Western countries will move lower while Southeast Asia will experience better growth. The ADB pointed out that the slowdown in China’s growth rate is due to demographic structural changes, rising labor costs and the influence of global economic cycles on the country. China’s economic growth was at 7.4% in 2014, the lowest growth rate seen in the last 24 years owing to softening domestic demand and unstable exports. The bank’s growth forecast for India, however, is at 7.8% for 2015. The Bank commented that India’s economic reform is moving the country in a positive direction. In addition, the report forecasted that Indian economic growth will reach 8% next year.
The Bank also reported that the situation is more puzzling in the Western and Central Asia, pointing out that countries in this region are facing difficulties stemming from lower oil and gas prices.
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