MANILA - The Asian Development Bank said Wednesday it was retaining its growth forecast for the Asia Pacific, with the region poised to weather external challenges on robust domestic demand.
ADB kept its regional growth forecast at 6 percent for 2018 and5.8 percent for 2019.
Inflation in the region was forecast to remain at 2.6 percent this year, and 2.7 percent in 2019, slower from the previous forecast of 2.8 percent.
“The truce on trade tariffs agreed by the United States and the People’s Republic of China is very welcome but the unresolved conflict remains the main downside risk to economic prospects in the region,” said ADB chief economist Yasuyuki Sawada.
China is expected to grow 6.6 percent this year and 6.3 percent next year. ADB also expects Southeast Asia to grow 5.1 percent in 2019 versus the previous forecast of 5.2 percent. India is seen growing 7.3 percent in 2018 and 7.6 percent in 2019.