ADB Predicts Increase in Asia’s Growth Rate

Halfway into the year, the Asian Development Bank has raised the estimated GDP growth rate for developing countries in Asia this year and next by a few tenths of a percentage point.

In a mid-year supplement to its Asian Development Outlook report, which is updated twice a year, the ADB increased developing Asian countries’ predicted growth rate for this year from 5.7 to 5.9 percent, while next year’s growth rate was bumped up from 5.7 to 5.8 percent.

The report also suggested that Cambodia’s inflation rate would see an increase from an earlier prediction of 3.4 percent because of strong demand and increased food prices, but the report did not provide an exact figure.

The bank inched up its growth rates for Asia’s developing nations because the region saw higher local prices for consumer goods and stronger demand for exports than originally predicted, the supplement says.

It has not changed its prediction for Southeast Asia’s overall growth rate, which is still expected at 4.8 percent this year.

Mao Ouk, associate operations coordinator for ADB Cambodia, said the analysis was not a formal revision to the ADB’s development outlook report, released in April.

The official update will be released in September, Mr. Ouk said.

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