Developing Asia's growth revised up by ADB as tech exports grow

Regional lender keeps forecasts for ASEAN economies, China, India unchanged

Containers are offloaded from the freighter Alula Express at South Korea's Busan Newport International Terminal, one of the largest container ports in the world. © AP

RAMON ROYANDOYAN, Nikkei staff writer

July 17, 2024 09:06 JST

MANILA -- The Asian Development Bank has revised upward its growth forecast for developing Asia in 2024, encouraged by improved tech-related exports in South Korea and Taiwan and robust domestic demand across the region.

Developing Asia's gross domestic product is now forecast to increase 5.0% this year, slightly faster than the 4.9% projected in April, according to the bank's latest Asian Development Outlook, released on Wednesday. The multilateral lender kept its growth forecast for 2025 unchanged at 4.9%.