(Reuters file photo)MANILA -- The Asian Development Bank raised its 2017 and 2018 growth forecasts for the region, reflecting rising exports as manufacturers of smartphones to cars to other consumer goods benefited from improving global demand. Developing Asia - made up of 45 countries in the Asia-Pacific region - is expected to grow 5.9% and 5.8% this year and next, the Manila-based ADB said in the update of its Asian Development Outlook on Thursday. An upturn in global demand since late last year has given trade-dependent Asian economies much needed momentum, with the United States and Europe also showing improving growth. The update of the Development Outlook raised China's 2017 and 2018 growth forecasts to 6.7% and 6.4%, respectively, from 6.5% and 6.2%, driven by strong consumption and improving shipments. Inflation across the region is expected to remain under control, helped by well-behaved food and fuel prices, the ADB said.

Source: Bangkok Post July 20, 2017 03:33 UTC