ADB 2015 Asia Development Report: India's economic growth will exceed China

According to Kyodo News reported on March 24, the Asian Development Bank (ADB, headquartered in Manila) released the "Asian Development Outlook 2015" on the 24th, which predicts that India's GDP growth rate will reach 7.8% in 2015, surpassing China's 7.2%.

Regarding the main factors supporting the rapid growth of India's economy, ADB believes that the economic reforms promoted by Prime Minister Modi have made the country's investment environment increasingly perfect. ADB forecasts that India's growth rate will further increase to 8.2% in 2016, while China will slow down to 7.0%.

According to ADB's forecast, the regional growth rate in addition to Japan and other developed countries in 2014 will be 6.3%, and will continue to grow steadily by 2016. The fall in crude oil prices has boosted many countries, but the concentration of Central Asia in the oil-producing countries will decline from 5.1% in 2014 to 3.5% in 2015.

In addition, as the South Pacific country Papua New Guinea has begun producing LNG, ADB forecasts that the growth rate of the Pacific region in 2015 will increase from 6.1% in 2014 to 10.7%. Among Southeast Asian countries, the Philippines and Vietnam will maintain growth of more than 6% from 2015 to 2016. Coupled with the economic recovery of Indonesia and Thailand, these countries will support the entire Southeast Asia region.

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