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Tuesday, 19 July 2016 - 13:15
Asian Growth Steady Despite Weak Global Prospects, Brexit: ADB
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Growth in Asia and the Pacific’s developing economies for 2016 and 2017 will remain solid as firm performances from South Asia, East Asia and Southeast Asia help offset softness from the US economy, and near-term market shocks from the Brexit vote, says a new Asian Development Bank report.

In a supplement to its Asian Development Outlook 2016, released last March, ADB now forecasts 2016 growth for the developing economies at 5.6 percent, below its previous projection of 5.7 percent. For 2017, growth is seen unchanged at 5.7 percent.

“Although the Brexit vote has affected developing Asia’s currency and stock markets, its impact on the real economy in the short term is expected to be small,” said Shang-Jin Wei ADB’s Chief Economist.

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