HONG KONG (AP) — The Asian Development Bank predicts growth in developing Asia will edge higher thanks to the recovery in rich countries even as China slows.
The ADB said in an annual report Tuesday that the region’s 45 developing or newly industrialized economies, not including Japan, will expand 6.4 percent in 2015 after growing 6.2 percent this year. Last year the region grew 6.1 percent.
The recovery in the U.S., Japan and countries using the euro will result in stronger demand. However, that will be offset “somewhat” by slowing Chinese growth.
The Manila-based lender said the world’s second biggest economy will expand 7.5 percent this year, slowing to 7.4 percent in 2015 as Beijing cracks down on a lending boom and refocuses the economy away from investment in favor of domestic consumption.