China’s 2017 Economic Growth Will Outpace Forecasts on Strong Domestic Consumption, ABD Says

China’s 2017 Economic Growth Will Outpace Forecasts on Strong Domestic Consumption, ABD Says

Xu Wei

Date: Wed, 12/13/2017 - 21:06 / source:Yicai
China’s 2017 Economic Growth Will Outpace Forecasts on Strong Domestic Consumption, ABD Says
China’s 2017 Economic Growth Will Outpace Forecasts on Strong Domestic Consumption, ABD Says

(Yicai Global) Dec. 13 -- The Asian Development Bank said today that it expects China’s economic growth for this year will outpace the its previous forecasts on strong domestic consumption, but will slow down next year.

The country’s economic growth will probably be 6.8 percent this year, higher than the predicted 6.7 percent, the bank said. Next year, it will likely fall to 6.4 percent, the slowest rate in China since 1990, according to the World Bank.

Developing Asian economies, excluding Japan, are expected to grow by 6 percent this year, up 0.1 percentage point from previous expectations, and grow 5.8 percent next year, the bank said. Those figures cover 45 ADB members, including mainland China, Hong Kong, South Korea and Singapore.

The US economy’s growth rate will be 2.2 percent this year and 2.4 percent next year, the bank said, maintaining its previous forecast.

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Keywords: ADB, ECONOMIC GROWTH