China’s economy will expand a bit faster than expected this year on resilient consumption but growth will stutter in 2018, the Asian Development Bank said Wednesday.
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Indonesian women sell their harvest in a traditional floating market on the Martapura river in Lok Baintan, South Kalimantan, Indonesia.
The upgraded outlook saw GDP growth in the region of developing Asia moving up 0.1 percentage point to 6 percent in 2017. The region includes 45 ADB members including China, Hong Kong, South Korea and Singapore, but excludes Japan.
The rosier prediction came after a year of uncertainty due to fears of protectionism.
There was “stronger-than-expected growth in most of our economies especially in terms of the pickup in trade,” Zveglich said.
Growth for developing Asia next year is expected to be 5.8 percent.
Growth projections for the United States remain unchanged at 2.2 percent in 2017 and 2.4 percent in 2018.
And although the ADB is monitoring the North Korean nuclear crisis, there has been no economic spillover yet, he added.