Manila: The Asian Development Bank said developing Asia is on track to meet growth expectations for this year and 2019, but warned that rising US protectionist trade measures and countermeasures from China and others pose “a clear downside risk”.
The Manila-based institution, which released an update of its Asian Development Outlook on Thursday, kept its 2018 and 2019 economic growth estimates for the region at 6.0 per cent and 5.9 per cent, respectively.
The ADB made only a few small changes in the forecasts made in April. It now sees Indonesia growing 5.2 per cent this year, instead of 5.3 per cent, and has raised its forecast for Thailand to 4.2 per cent from 4.0 per cent.
The lender said that it factored tariffs imposed by July 15 into the latest forecasts, though it added “the risk of further ratcheting up of protectionist measures could undermine consumer and business confidence and thus developing Asia’s growth prospects.”
