MANILA, Philippines – An Asian Development Bank report says softer growth prospects for China and a weak recovery in major industrial economies are expected to push down economic growth in developing Asia to 5.7 percent in 2016 and 2017, below previous projections. The region's economy grew 5.9 percent in 2015.
The Asian Development Outlook 2016, released Wednesday, said China's economic growth is seen moderating to 6.5 percent this year, and to 6.3 percent in 2017, from 6.9 percent last year. It says slower exports, a falling labor supply and supply-side reforms are reshaping the world's second-largest economy toward more domestic consumption and a further reduction in excess industrial capacity.
The report says India will remain one of the fastest-growing major economies, expanding by 7.4 percent in 2016 and 7.8 percent in 2017.