The Asian Development Bank (ADB) said on Tuesday that developing economies in Asia are growing steadily despite a slowdown in the global economy.
The bank said it would stick with its prediction of a growth rate of 5.7% from 2016 to 2017. The developing economies in Asia saw a growth of 5.9% in 2015.
The ADB said that China, the world’s second largest economy, will see a growth of 6.6% in 2016 and 6.4% in 2017. That’s up 0.1% from the prediction made in March this year. The adjustment is due to the government’s strong financial and currency policies which have increased domestic demand.
The bank also said India is seeing steady structural reforms so the bank will keep its predicted growth rate of 7.4% for 2016 and 7.8% for 2017.