Investment, household consumption to boost Indonesia`s economy: ADB

The ADB's growth projection of 7.3 per cent this fiscal is in line with that of rating agency Fitch but a tad lower than RBI's forecast of 7.4 per cent

ADB sees Asia's 2018 growth at 6%, but warns of trade risks

Rising domestic demand, remittances, and employment, in addition to infrastructure spending, will drive growth.

"Despite the short-term costs, the benefits of reform-such as the recently implemented GST-will propel India's future growth", said Yasuyuki Sawada, ADB's Chief Economist.

The ADB said growth picked up across most of the economies in developing Asia and supported by continued high demand for exports and rapidly expanding domestic demand.

In the last fiscal the economy grew by 6.6 per cent as it took time to recover from the impact of demonetisation in 2016.

Vietnam's GDP expanded by 6.81 percent past year, the highest rate in a decade. "On the supply side, industry is forecast to contract by 0.5 percent in 2018 with a further drop in oil production, though the launch of the Shah Deniz II gas field in the second half of the year will offset some of the decline", says the report, according to Trend.

The Ministry of Planning and Investment has forecast two scenarios for the country's economic growth this year.

"Although measures have been introduced to deepen the capital market and better regulate banks, a substantial agenda of economic, social and institutional reform remains".

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Merchandise exports growth moderated to 9.3 per cent in 2017 from 10.1 per cent previously, but tourist arrivals, led by China, rose 11.8 per cent, the ADB said. The approval of the Tax Reform for Acceleration and Inclusion law in December 2017 will augment tax revenues and provide additional fiscal space for more progressive public spending.

Cambodia's agriculture was projected to grow 1.8 percent in 2018.

Growth in Southeast Asia is forecast at 5.2 percent for this year and next, the same pace as 2017, while Central Asia is projected to slow to 4 percent in 2018 before picking up to 4.2 percent next year.

For 2019, it predicts growth will ease to 5.9 percent.

The report notes there are external risks to the Philippines' growth outlook from heightened volatility in worldwide financial markets and uncertainty about global trade openness, although the country's strong external payments position would cushion these effects.

China has set a growth target of around 6.5% this year, the same as last year, which it handily beat with an expansion of 6.9%.

The report provides suggestions on ways to enhance government capacity, including strengthening coordination between government agencies and improving technical capacity of staff within these agencies and fostering stronger partnerships between government agencies, the private sector, and development partners.

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