Analysis by Jaya Ramachandran
FRANKFURT (IDN) – Creating quality jobs, developing the private sector, and combating climate change to ensure a vibrant and sustainable Asia top the agenda of the Asian Development Bank (ADB) as it marks its fiftieth anniversary this year.
According to Bank President Takehiko Nakao, over the last decade, Asia has grown about 7% annually, even after the global financial crisis. This has supported global growth, he said in the opening address at the 49th Annual Meeting of ADB’s Board of Governors – for the first time held in Germany – from May 2 to 5.
China is expected to grow 6.5% this year, down from 6.9% last year, reflecting its transformation to a new growth model. The region as a whole is projected to grow by a robust 5.7% in 2016, said Nakao.
India, with projected growth of 7.4%, is now the fastest growing large economy. Indonesia is expected to grow 5.2% in 2016, higher than last year despite the negative impact from lower commodity prices. Bangladesh, Cambodia, Myanmar, the Philippines, and Viet Nam are gaining growth momentum backed by reform efforts.