Escalating trade tensions between the United States and China have darkened the ...
MANILA - Escalating trade tensions between the United States and China have darkened the outlook for developing Asia, with the region expected to grow slower than previously predicted this year and next, the Asian Development Bank said on Wednesday.
Developing Asia, a group of 45 countries across Asia and the Pacific, will likely grow 5.4% this year and 5.5% next year, down from the 5.7% and 5.6% growth forecast in July, the ADB said in an update to its Asian Development Outlook report.“The People’s Republic of China–U.S. trade conflict could well persist into 2020, while major global economies may struggle even more than we currently anticipate,” Yasuyuki Sawada, ADB’s chief economist, said in a statement.
China’s economy will probably grow 6.2% this year, the ADB said, weaker than its 6.3% projection in July. Growth in the Chinese mainland is projected to cool further to 6.0% in 2020. China is targeting 6.0% to 6.5% growth in 2019. By sub-regions, South Asia will remain the fastest growing in Asia Pacific, even after the ADB trimmed its 2019 outlook to 6.2% from 6.6% as it also slashed its growth estimate for India to 6.5% from 7.0%. ADB maintained India’s 7.2% growth projection for next year.
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