Home / Knowledge / News / Textiles / ADB downwardly revises Asian GDP growth to 6% in 2013
ADB downwardly revises Asian GDP growth to 6% in 2013
03
Oct '13
The Asian Development Bank (ADB) has downwardly revised its 2013 gross domestic product (GDP) growth forecast for the Asia-Pacific region to 6 percent from 6.6 percent seen in April.
 
In an update of its annual publication ‘Asian Development Outlook 2013’ (ADO 2013), ADB has also revised down its 2014 growth projection for the region to 6.2 percent from 6.7 percent in April. In 2012, growth came in at 6.1 percent.
 
“Asia and the Pacific 2013 growth will come in below earlier projections due to more moderate activity in the region’s two largest economies—China and India—and effects of the US quantitative easing (QE) nervousness,” said ADB Chief Economist Changyong Rhee, in a press release.
 
“While economic activity will edge back up in 2014, current conditions highlight the need for the region to exercise vigilance to safeguard financial stability in the short term while accelerating structural reforms to sustain economic growth in the longer term,” he added.
 
The report states that slowing growth highlights the need to push ahead with overdue reforms in areas like foreign direct investment, infrastructure development, fiscal consolidation and social protection programs, to sustain growth for the long term.
 
Growth in East Asia is now expected to come in at 6.6 percent for both 2013 and 2014, while in South Asia, GDP is seen to expand by 4.7 percent in 2013 and 5.5 percent in 2014, well below previous projections of 5.7 percent and 6.2 percent, says the statement.
 
For Southeast Asia, the growth is projected at 4.9 percent in 2013, with the pace set to quicken to 5.3 percent in 2014. However, Philippines is expected to continue to perform strongly.
 
Meanwhile, Central Asia will see growth decelerate to 5.4 percent in 2013 on slower-than-expected economic activity in Kazakhstan and Georgia, before recovering to 6.0 percent in 2014.
 
The Pacific sub-region, covering Fiji, Cook Islands, Kiribati, Nauru, Solomon Islands and Timor-Leste, will post growth of 5.2 percent and 5.5 percent in 2013 and 2014, unchanged from the April ADO 2013 estimates. 
 

Fibre2fashion News Desk - India


Must ReadView All

Textiles | On 29th Jun 2017

Nan Ya files trade petition in US against Korea & Taiwan

Nan Ya Plastics Corporation, America, a US synthetic fibre producer,...

Textiles | On 29th Jun 2017

Indian textile industry will reach new milestone by 2020

By 2020, textile technologies will be highly advanced not only with...

Apparel/Garments | On 29th Jun 2017

Amazon intends to keep investing and growing in India

American online retail giant Amazon intends to keep investing and...

Interviews View All

Yash Maniyar
Rekha Maniyar

Indian fashion market is growing at a staggering rate

Kaizad Hansotia
GetNatty

Competition is the best thing that can happen to a startup

Karan Suratwala
Key Textile Accessories Private Limited

Chinese imports are destroying the supply chain

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
July 2017

July 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search