China’s economy is slowing, but Asia will remain a growth hot spot as India and Southeast Asian economies roar ahead, said the Asian Development Bank (ADB).
Emerging Asian economies will grow 6.3 percent in both 2015 and 2016, unchanged from last year, ADB wrote in its annual Asian Development Outlook for 2015, published on Tuesday.
“Developing Asia is making a strong contribution to global economic growth,” said Shang-Jin Wei, chief economist at the ADB. “Falling commodity prices are creating space for policy makers across the region to cut costly fuel subsidies or initiate other structural reforms. This is a key opportunity to build frameworks that will support more inclusive and sustainable growth in the longer term,” he said.