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 10th Dec 2016

India’s 2016-17 cotton import to touch 17 lakh bales

The import of cotton from international markets by spinning mills in...

Textiles | On 10th Dec 2016

US textile & apparel imports fall 6.50% in Jan-Oct ’16

The import of textiles and apparel by United States dropped 6.50 per...

Textiles | On 10th Dec 2016

Indian textile hubs adopt cashless payment modes

The textile ministry is promoting cashless payment within the...

Interviews View All

Sunil Kumar Sharma
Loknayak JPNSSSG Ltd

'The blend of cotton–linen yarn has high demand in the domestic and...

Neel Sawhney
One Friday

‘The share of kidswear segment in the online sector is still small in...

Anshul Sood
Oceedee

‘Indian footwear market is nascent and largely a trend follower’

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer Prathyusha Garimella is known for blending...

Yash P. Kotak
Bombay Hemp Company

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

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
December 2016

December 2016

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

SUBSCRIBE


Browse Our Archives

GO


Advanced Search