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Manila / WAM
The economic growth prospects for development in Asia in 2017 have improved on the back of stronger-than-expected export demand in the first quarter of the year, according to a new report from the Asian Development Bank (ADB).
In a supplement to its ‘Asian Development Outlook 2017’ report, ADB upgraded its growth outlook for the region from 5.7 percent to 5.9 percent in 2017, and from 5.7 percent to 5.8 percent in 2018. The smaller-than-expected growth in 2018 reflects its cautious view on the sustainability of this export increase. The combined growth of the region’s major industrial economies is forecast to remain at 1.9 percent in 2017 and 2018.