Business Desk : Developing Asia will maintain strong but moderating growth over 2019 and 2020, as supportive domestic demand counteracts an environment of global trade tensions, according to a new Asian Development Bank (ADB) report released Thursday. In a supplement to its Asian Development Outlook (ADO), ADB maintains growth forecasts for developing Asia at 5.7 percent in 2019 and 5.6 percent in 2020-unchanged from its April forecast. These growth rates are slightly down from developing Asia's 5.9 percent growth in 2018. Excluding the newly industrialised economies of Hong Kong, China, the Republic of Korea, Singapore, Taipei and China, the regional growth outlook has been revised down from 6.2 percent to 6.1 percent in 2019 and will maintain the rate in 2020. Elsewhere in South Asia, preliminary official estimates of GDP growth surpassed ADO 2019 forecasts for FY2019 in Bangladesh (ended 30 June 2019) and Nepal (ended 16 July 2019). Growth in Bangladesh accelerated from 7.9 percent in FY2018 to 8.1 percent in FY2019 with faster growth in industry and services. Investment rose from 31.2 percent of GDP in FY2018 to 31.6 percent in FY2019. The report said deepening trade tension between the People's Republic of China (PRC) and the United States (US) remains the largest downside risk to this outlook, despite an apparent truce in late June that could allow trade negotiations between the two countries to resume. "Even as the trade conflict continues, the region is set to maintain strong but moderating growth," said ADB Chief Economist Yasuyuki Sawada. "However, until the world's two largest economies reach agreement, uncertainty will continue to weigh on the regional outlook," added the ADB official.
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