MANILA, Philippines (AP) — The Asian Development Bank says China’s economy will grow slightly faster than expected this year at 6.9%.
An ADB report released today says Asia’s developing economies remain resilient to economic weakness in industrialised countries and are on track to grow 5.8% in 2015 and 6% in 2016.
It said the region’s growth was supported by vibrant private consumption and services in China. The ADB in September forecast China’s economy to grow 6.8% this year.
Expanded industrial production in India and other countries also buttressed the regional economy even as countries reliant on commodities were hurt by the slump in prices, a slow US recovery and Japan’s contraction.
Southeast Asia’s growth prospects were unchanged from September’s forecasts of 4.4% for 2015 and 4.9% for 2016.
