15:03 | 29/09/2017 Global Economy
Growth prospects for developing Asia are looking up, bolstered by a revival in world trade and strong momentum in China, the Asian Development Bank (ADB) said in its Asian Development Outlook (ADO) 2017 Update released on September 26th.
|ADB raises Asia growth forecast - Source: Cnbc.com|
The region is forecast to expand by 5.9 percent in 2017 and 5.8 percent in 2018, a slight upgrade from the ADO announced in April.
Southeast Asia is expected to grow by 5.0 percent in 2017, 0.2 percentage points higher than ADO 2017 forecasts and by 5.1 percent in 2018.
The ADO Update indicated that over 400 million Asians live without electricity, 300 million without safe drinking water, and a staggering 1.5 billion without basic sanitation.
The region will need to invest an estimated 1.7 trillion USD annually through 2030 to maintain its growth momentum, reduce poverty, and respond to climate change.
Developing Asia also must mobilize 500 billion USD annually to meet its infrastructure needs.