ADB now forecasts 2016 growth for the developing economies at 5.6 percent, below its previous projection of 5.7 percent. For 2017, growth is seen unchanged at 5.7 percent. Growth in 2016 and 2017, the report noted, is led by South Asia and India in particular, which continues to expand strongly, while China is on track to meet earlier growth projections. Going forward, ADB said Philippine economic growth would accelerate slightly to 6.1 percent. ADB keeps 6% PH growth forecastTHE Asian Development Bank (ADB) said it kept the 6 percent gross domestic product (GDP) growth it had forecast for the Philippines this year, while the prospects for the rest of developing Asia remain largely in line with its earlier projections despite disappointing growth in the United States and a surprise Brexit vote outcome that chilled already tepid recovery in the euro area.

Source: Manila Times July 18, 2016 13:41 UTC