MANILA, Philippines (AP) - The Asian Development Bank says China's economy will grow slightly faster than expected this year at 6.9 percent.
MANILA, Philippines (AP) — The Asian Development Bank says China's economy will grow slightly faster than expected this year at 6.9 percent.
An ADB report Thursday says Asia's developing economies remain resilient to economic weakness in industrialized countries and are on track to grow 5.8 percent in 2015 and 6 percent in 2016.
It said the region's growth is supported by vibrant private consumption and services in China. The ADB in September forecast China's economy to grow 6.8 percent this year.
Expanded industrial production in India and other countries also buttressed the regional economy even as countries reliant on commodities were hurt by the slump in prices, a slow U.S. recovery and Japan's contraction.
Southeast Asia's growth prospects were unchanged from September's forecasts of 4.4 percent for 2015 and 4.9 percent for 2016.