Rise in ex­ports boost de­vel­op­ing Asia’s growth out­look, ADB

The Myanmar Times - Weekend - - International Business - Photo: AP

STRONGER-THAN-EX­PECTED ex­port de­mand has im­proved growth prospects for Asia’s de­vel­op­ing economies, in­clud­ing China, the Asian De­vel­op­ment Bank said Thurs­day.

The Manila, Philip­pines-based ADB up­graded its growth fore­cast for this year to 5.9pc from an ear­lier fore­cast of 5.7pc.

It ex­pects de­vel­op­ing Asia to grow at a 5.8pc pace in 2018, up from its ear­lier fore­cast of 5.7pc.

China’s econ­omy, the world’s sec­ond big­gest, is fore­cast to grow at a 6.7 pc pace in 2017 and a 6.4pc pace in 2018, the re­port said.

The out­look is more op­ti­mistic than the bank’s last fore­cast, made in April, for 6.5pc and 6.2pc growth in 2017 and 2018.

“De­vel­op­ing Asia is off to a good start this year with im­proved ex­ports push­ing growth prospects for the rest of 2017,” said ADB’S chief econ­o­mist Ya­suyuki Sawada. “De­spite lin­ger­ing un­cer­tain­ties sur­round­ing the strength of the global re­cov­ery, we feel that the re­gion’s economies are wellplaced to face po­ten­tial shocks to the out­look.”

South Asia will re­main the fastest grow­ing sub-re­gion, with re­gional ex­pan­sions pro­jected at 7pc in 2017 and 7.2pc next year, the re­port said.

South­east Asia’s growth is ex­pected to re­main at 4.8pc in 2017 and 5 per­cent in 2018, with slower ex­pan­sion in oil-de­pen­dent Brunei slightly off­set­ting faster growth in Malaysia, the Philip­pines and Sin­ga­pore.

The Philip­pines is ex­pected to grow at 6.5pc this year and 6.7 pc next year, up from ear­lier fore­casts for 6.4 pc growth in 2017 and 6.6pc in 2018.

– AP CHINA is clamp­ing down on use of vir­tual pri­vate net­works, or VPNS, in a move that for­eign com­pa­nies worry might dis­rupt their op­er­a­tions or jeop­ar­dize trade se­crets.

In a let­ter to cor­po­rate cus­tomers seen by The As­so­ci­ated Press, the big­gest Chi­nese in­ter­net ser­vice provider says vir­tual pri­vate net­works will be per­mit­ted only to con­nect to a com­pany’s head­quar­ters abroad.

Such sys­tems cre­ate en­crypted links be­tween com­put­ers and can be used to see web­sites blocked by Bei­jing’s web fil­ters.

The let­ter from state-owned China Telecom Ltd. says VPN users are barred from link­ing to other sites out­side China. That might ham­per ac­cess to news, so­cial me­dia or busi­ness ser­vices.

The mea­sure re­flects Pres­i­dent Xi Jin­ping’s vi­sion of “in­ter­net sovereignty,” or Bei­jing’s right to con­trol what its peo­ple do on­line. – AP

A woman car­ries an um­brella past a shop­ping mall in Bei­jing on July 17.

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