Addressing the opening session of the Board of Governors at the 51st ADB Annual Meeting here on Saturday, President Takehiko Nakao stated that despite operational challenges, Asia and the Pacific is well positioned to sustain its growth momentum, supported by robust private consumption and investment, and anchored by sound macroeconomic policies and structural reforms.
'China is expected to grow by 6.6 percent in 2018, even as its growth continues to gradually moderate. In India, growth should pick up to 7.3 percent. The Association of Southeast Asian Nations (ASEAN) region, with a large total population of 650 million, is continuing to grow at 5.2 percent. The recent rebound in oil prices has helped relieve fiscal pressures in oil-producing economies in Central Asia,' he said.
Talking about the growth perspective for the region in total, Nakao opined that active trade and foreign direct investment are the foundation of Asia's economic success, and essential for continuing solid growth.
'Developing Asia grew by 6.1 percent in 2017, and we expect growth will be 6 percent in 2018. Excluding the four newly-industrialised economies of Hong Kong, China; Republic of Korea; Singapore; and Taipei, China, developing Asia's rate of growth is expected to be 6.5 percent in 2018. It is encouraging that global and regional trade has started to grow robustly again since the beginning of last year. Despite current disputes among some countries, we firmly believe that countries should make utmost efforts to maintain and foster an open multilateral trade system,' he added.
