[Aju News DB ]
China's economic growth is forecast to slow to 6.5 percent this year from 6.9 percent in 2015, its weakest expansion in a quarter of a century, according to an annual economic outlook published by the Asian Development Bank (ADB) Wednesday.
The Manila-based multilateral bank also forecast the annual growth of the world's second largest economy would slide to 6.3 percent for 2017.
Earlier this month, the Chinese government set a target of 6.5 to 7.0 percent growth this year and an average of 6.5 percent over the next five years.
Dragged down by China's diminished prospects and a weak recovery in major industrial economies, the ADB said it expects the Asian region to post an annual growth of 5.7 percent both this year and next, down from 5.9 percent in 2015.
In its December outlook report, the ADB had forecast the Asia Pacific region's 2016 growth at 6.0 percent. The region, which groups 45 countries, grew 5.9 percent last year.
South Korea's economy is forecast to grow 2.6 percent this year.
Growth in India will slip to 7.4 percent this year from 7.6 percent in 2015, but should recover to 7.8 percent in 2017, the ADB said.
For all of South Asia, ADB forecast growth at 6.9 percent in 2016 and 7.3 percent in 2017, versus growth of 7.0 percent last year.
Economies in Southeast Asia are projected to expand 4.5 percent this year, from 4.4 percent in 2015, and by 4.8 percent in 2017.
For East Asia, ADB sees growth at 5.7 percent in 2016 and 5.6 percent in 2017. The region grew 6.0 percent last year.
Central Asia is estimated to expand by 2.1 percent this year and 2.8 percent in 2017, following growth of 2.9 percent in 2015, the bank said.
By Alex Lee
reporter
Park Sae-jin
swatchsjp@ajunews.com
