The Asian Development Bank on April 6 released the Asian Development Outlook (ADO) 2017. The ADB's flagship annual report analyzes economic performance in the past year and offers forecasts for the next two years for the 45 economies in Asia and the Pacific that make up developing Asia. The following is a summary of the latest edition of the ADO, provided by the Manila-based bank.
Growth is picking up in two-thirds of economies in developing Asia, supported by higher external demand, rebounding global commodity prices, and domestic reforms, making the region the largest single contributor to global growth at 60 percent, according to the ADO.
In the report, the ADB forecasts gross domestic product (GDP) growth in Asia and the Pacific to reach 5.7 percent in 2017 and 2018, a slight deceleration from the 5.8 percent registered in 2016.