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Growth Holding Up in Asia and the Pacific, Trade Tensions Pose Risks

Growth remains stable across most of developing Asia due to robust domestic demand, buoyant oil and gas prices, and a consolidation of India’s growth rebound. But escalating trade tensions will test the region’s resilience, underscoring the importance of efforts to bolster trade ties among its countries, says a new Asian Development Bank (ADB) report.In an update of its flagship annual economic publication, Asian Development Outlook (ADO) 2018, ADB maintains its forecast that the region’s gross domestic product (GDP) will grow at 6.0% in 2018. The growth forecast for 2019 is trimmed by 0.1 percentage points to 5.8%.“Growth in the region has held up to external challenges, helped by strong domestic demand in the People’s Republic of China (PRC) and India,” said ADB Chief Economist Mr. Yasuyuki Sawada. “The biggest risk to continued growth comes from the disruption of international production linkages caused by a further escalation of trade tensions, but Asia’s growth should remain resilient to the direct effects of the trade measures taken to date.”

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