Asian Development Outlook 2012 Supplement: Data is Mixed, but Asia Continues Steady Economic Growth
The surging economies of Southeast Asia have been a bright spot in an otherwise subdued 2012 growth performance in developing countries in Asia. The rest of the region should still pick up steam in 2013.
According to this Supplement's findings, the surging economies of Southeast Asia have been a bright spot in an otherwise subdued 2012 growth performance in developing Asia, but the broader region should still pick up steam in 2013. Mixed third quarter data broadly support the forecasts in October's Asian Development Outlook 2012 Update for developing Asia, with downside developments slightly outweighing positive events.
- Growth forecast for the region revised down by 0.1 percentage point to 6.0% in 2012 and to 6.6% in 2013;
- 2012 growth forecasts in the ASEAN 5 revised up from 5.6% to 5.9%, boosted by a strong third quarter in Malaysia and the Philippines;
- Growth in East Asia is slightly revised down from 6.5% to 6.4% in 2012 and from 7.1% to 7.0% in 2013;
- India's growth forecast is revised from 5.6% to 5.4% in fiscal year (FY) 2012 and from 6.7% to 6.5% in FY 2013;
- Commodity price pressures have been relatively benign; and
- Developing Asia's inflation is expected to hover around 4%.