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Economic growth prospects in Developing Asia for 2017 has improved on the back of stronger-than-expected export demand in the first quarter of this year, according to a new Asian Development Bank (ADB) report.
In a supplement to its Asian Development Outlook 2017 report, ADB upgraded its growth outlook in the region from 5.7% to 5.9% in 2017 and from 5.7 to 5.8% for 2018. The smaller uptick in the 2018 rate reflects a cautious view on the sustainability of this export push.
India, which is the largest economy in South Asia, is expected to achieve previous growth projections of 7.4 per cent in 2017 and 7.6 per cent in 2018, primarily from strong consumption, the new ADB report added.
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