Korea's Growth Outlook to 2.8%

Korea's Growth Outlook to 2.8%”

Output will increase 6.7% in 2017, an increase of 0.2 percentage points over the previous forecast.

The ADB's forecasts for the growth of developing Asia - which refers to 45 economies in the Pacific, Central, East, South and Southeast Asia regions, including Indonesia - in 2017 and 2018 have improved to 5.9 percent this year and 5.8 percent next year since its original report in April.

The revision of gross domestic product (GDP) projection for developing Asia to 5.9 per cent is up from 5.7 per cent previously estimated, Luxmon Attapich, senior economist at ADB's Bangkok office said on Tuesday. In its latest outlook the Manila-based multilateral agency said, economic growth will moderate to 7 per cent in 2017, from 7.4 per cent estimated earlier, before picking up to 7.4 per cent next year.

Growth across developing Asia is buoyed by a revival in trade. It said Beijing's fiscal stimulus measures and rising foreign demand are helping to give Asia's biggest economy strong momentum.

India continues its strong showing, although demonetization and implementation of the new goods and services tax regime have dented consumer spending and business investment.

However, ADB stated, that these short-term disruptions are expected to dissipate allowing these initiatives to generate growth dividends over the medium term.

The bank also upgraded its 2017 growth forecast for China to 6.7 percent from 6.5 percent previously. In FY2018, the forecast is adjusted down to 7.4% from 7.6%. The growth rates were 6.21 percent in 2016, and 6.68 percent in 2015.

In economies like Indonesia, Malaysia, Thailand, and Taiwan, there is room for accomodative policy, the ADB said. Because long-term interest rates in many Asian economies are closely linked to those in the USA, policy makers need to strengthen their financial positions further and monitor debt levels and asset prices.

Currently, most of the banks were struggling to fix their asset quality from non-performing loans (NPL) and were not ready for a further rate cut, ADB Indonesia country economist Emma Allen said in Jakarta on Tuesday.

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