Myanmar's inflation rate estimated to rise within 2 years: ADB

Myanmar's inflation rate estimated to rise within 2 years: ADB

China, which is rebalancing its economy to growth led by consumption rather than exports, is expected to grow 6.5 percent this year, the ADB said.

Public investment is expected to strengthen through fiscal expansion as the authorities speed up their implementation of infrastructure projects, according to the forecast.

It said 30 of the 45 countries covered in the report would see sustained growth that would help offset the gradual slowdown in China, Asia's biggest economy. However, the continued structural reform would help in maintaining growth in the government's target range there.

"The impact of the demonetisation of high value banknotes is dissipating as the replacement banknotes enter circulation", said the ADB in its Asian Development Outlook, 2017 that was released on Thursday.

Aekapol Chongvilaivan, economist for the Philippine country office, said economic dampeners affecting the Philippines this year are more external than internal.

"While the short-term economic growth outlook for the Cambodian economy remains strong, labor costs and skills shortages are increasing", Mr. Tukuafu said. Among its beneficiaries are commodity producers such as Indonesia, Malaysia and Vietnam.

COMPARISONS Philippine projections compare favorably against most regional averages for this year and next. "A significant increase in the current account deficit could pose a risk to official exchange reserves, which peaked at $18.9 billion in October 2016 and then slid by $1.3 billion by February 2017".

"The GDP growth is expected to moderate to 6.9 percent in 2016-17 fiscal as domestic demand is rising in a slower way and the remittance inflow falling", the outlook said. Pacific economies are also expected to rebound in 2017, with Papua New Guinea seen recovering from the contraction that hit the oil and gas sector in 2016.

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The Federal Reserve hiked U.S. rates a notch in mid-March, its second tightening in three months.

Risks to the outlook include higher United States interest rates, which will accelerate capital outflows, although this risk is mitigated to some degree by abundant liquidity throughout the region.

If those rate increases come more rapidly because of stronger than expected USA economic growth, the "sharper than expected monetary tightening could have further consequences for developing Asia", the ADB said in its Asian Development Outlook.

USA monetary tightening could send Asian currencies falling against the greenback, but economies with more open capital accounts are bound to experience the biggest currency slides. It brings the ADB story to the Filipino through highlights of its history, key events, and operations, and how it has improved lives in Asia and the Pacific over the years.

On the domestic front, rising household debt in some Asian economies is a rising risk.

"We forecast consumption growth will be very robust but will moderate from past year".

Azerbaijan became an ADB member on December 22, 1999.

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