Source: Taiwantrade | Updated: 01 October 2010
China, the bank said, enjoyed a double digit growth rate in the first half of this year, but the pace of increase is expected to be moderate in the second half. The bank expects China's economic expansion at 9.6 percent for 2010.
The bank raised its forecast for Hong Kong's 2010 economic growth to 5.8 percent from the 5.2 percent it predicted in April, and changed its estimate for South Korea to 6.0 percent from 5.2 percent.
For the economy in East Asia as a whole -- including Taiwan, South Korea, Japan, China and Mongolia -- the bank expects growth to hit 8.6 percent, an upward revision from 8.3 percent.
For Southeast Asia, the bank said GDP growth for 2010 is expected to reach 7.4 percent, up from the previous estimate of 5.1 percent, with Singapore's economy likely to grow 14.0 percent, compared with an earlier forecast of 6.3 percent.
The bank also upgraded economic growth in South Asia to 7.8 percent from 7.4 percent, with India expected to see GDP growth of 8.5 percent, compared with a previous estimate of 8.2 percent.
The aggregate economic growth for the 44 member countries of the bank is expected to hit 8.2 percent, an upgrade from the previous estimate of 7.5 percent on strong exports, robust private demand and the sustained effects of stimulus policies, the report said.
Despite strong growth, the group needs to "reset its economic priorities," ADB Chief Economist Jong-Wha Lee said.
"Government policies must be tailored to focus on trade, human capital, infrastructure and financial development to build the foundation for developing Asia's next transformation -- one toward sustained economic growth," Lee said.
The bank said structural policies that promote productivity growth are the key to sustaining the region's medium and long-term growth, and can help the region reduce poverty and spread the benefits of growth to the population.