Pacific Money

Asia’s Growth Prospects in Beijing’s Hands

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Pacific Money

Asia’s Growth Prospects in Beijing’s Hands

A slowing China has prompted the ADB has cut its growth forecasts for the region.

Asia’s Growth Prospects in Beijing’s Hands
Credit: Shanghai port via Shutterstock.com

A slowing Chinese economy has forced the Asian Development Bank (ADB) to cut its growth projections for Asia. Worryingly for financial markets, the fortunes of Asia’s heavyweight economy are having an increasingly significant impact on global equity prices too, meaning that the next Beijing market crash could be even tougher to shrug off.

In its Asian Development Outlook 2016, the ADB cut its projections for developing Asia’s economic growth on the back of a slowing China and a continued weak recovery in major industrial economies. From 5.9 percent gross domestic product (GDP) growth in 2015, the region is expected to slip to 5.7 percent GDP growth for this year and next, weakening the prospects for the world economy.

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