Led by India, South Asia will continue to be the fastest growing economic area despite new trade tensions in Asia and Pacific region, Asian Development Bank (ADB) said in a new report today.
India will continue to be the world’s fastest-growing major economy, ahead of China, with 7.3 percent growth rate in 2018-19 and 7.6 percent in 2019-20, the Asian Development Bank (ADB) said.
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The growth in India will be driven by increased public spending, higher capacity utilisation rate and uptick in private investment, said its supplement to the Asian Development Outlook (ADO). The ADO published in April had said that India’s economic growth will rise to 7.3 percent this fiscal and further to 7.6 percent in the next financial year, retaining the fastest-growing Asian economy tag, on back of GST and banking reforms.
“Although rising trade tensions remain a concern for the region, protectionist trade measures implemented so far in 2018 have not significantly dented buoyant trade flows to and from developing Asia,” said ADB Chief Economist Yasuyuki Sawada. “Prudent macroeconomic and fiscal policy-making will help economies across the region prepare to respond to external shocks, ensuring that growth in the region remains robust.”
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