Deputy Chief Economist Juzhong Zhuang discusses the macroeconomic outlook for developing Asia in 2014 and beyond.
Title: Asian Development Outlook 2014
Description: Deputy Chief Economist Juzhong Zhuang discusses the macroeconomic outlook for developing Asia in 2014 and beyond.
Deputy Chief Economist
Asian Development Bank
We expect the developing Asia to grow 6.2% this year and 6.4% next year up from 6.1% last year. I think developing Asia will remain the fastest growing region in the world and the largest contributor to global growth. This is good news not only for developing Asia but for the world as a whole.
Q: How will the region’s leading economies develop?
A: Improving outlook of the countries will support the region’s growth offset somewhat by the growth moderation in China. Although, China will remain one of the fastest growing country in the region. India’s growth is to pick up assuming the structural forms will go ahead, Southeast Asia growth will remain steady before picking up next year.
Q: What are the key risks to the outlook?
A: Risks to the region has receded although there are still areas for carefully watching and monitoring. One is possible shorts associated with the shift in US monetary policy. Second is, we can weaker than expected recovery in advanced countries. The third is, slower than anticipated growth in China. But these risks are manageable. On the other hand, many Asian countries have a large reform agenda in play. They must implement these reforms carefully but quickly to lead ground for more sustainable and inclusive growth in the years ahead.