The Asian Development Bank (ADB) on Tuesday upped its growth projections for developing Asian economies to 7.9 per cent in 2010 on the strength of first quarter, data which showed broad-based expansion driven by buoyant exports, strong private demand and sustained stimulus policy effects.
In a special assessment of the Asian region released in Manila, the ADB said it now expected Asian economies to grow by an aggregate 7.9 per cent in 2010, up from the 7.5 per cent predicted in its Asian Development Outlook (ADO) 2010 published in April.
The Manila-based multilateral lending institution, however, kept its GDP (gross domestic product) growth projections for India and China unchanged at 8.2 per cent and 9.6 per cent, respectively, for the year.
Developing Asia comprises 45 member countries of the ADB and covers Central Asia, East Asia, South Asia, Southeast Asia and the Pacific.
Commenting on the fast pace of recovery, ADB's Chief Economist Jong-Wha Lee said: “The stronger-than-anticipated export rebound and much-improved consumer confidence have helped the region's economies recover faster than we expected. We are seeing the newly industrialised and Southeast Asian economies leading the way.”
