Developing Asia to extend steady economic growth in 2014: ADB
By Aynur Jafarova
The Asian Development Bank (ADB) believes developing Asia will extend its steady economic growth in 2014.
In a new report published on April 1, the ADB said Central Asia should maintain its growth pace as its largest economy boosts public spending.
"Unexpectedly strong performance in Kazakhstan, which accounts for nearly half of subregional GDP, and sharp gains in Azerbaijan and Kyrgyzstan raised Central Asia's growth rate by nearly a percentage point to 6.5 percent in 2013.
The bank noted the subregion is forecast to maintain this rate through 2015, though tensions arising from events in Ukraine pose downside risk.
"Inflation in Central Asia is projected to accelerate sharply to 9 percent in 2014, reflecting currency devaluation in Kazakhstan, Kyrgyzstan, and Tajikistan, and higher growth in Georgia and Turkmenistan," ADB stressed.
ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth and regional integration. Established in 1966, it is owned by 67 members - 48 from the region.
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