ADB forecasts developing Asia's growth to edge higher even as China slows

HONG KONG – 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 per cent in 2015 after growing 6.2 per cent this year. Last year the region grew 6.1 per cent.

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 per cent this year, slowing to 7.4 per cent in 2015 as Beijing cracks down on a lending boom and refocuses the economy away from investment in favour of domestic consumption.