MANILA (dpa) – The Asian Development Bank (ADB) Wednesday revised down growth forecasts for developing economies in the region, but said declining oil prices present “golden opportunities” for some Asian countries.
Growth in the regional gross domestic product would slide to 6.1 per cent in 2014 from an initially estimated 6.2 per cent, and 6.2 per cent in 2015, down from 6.4 per cent, the ADB said.
“While growth in the first three quarters of this year was somewhat softer than we had expected, declining oil prices may mean an upside surprise in 2015,” ADB chief economist Shang-Jin Wei said.
“Falling global oil prices present a golden opportunity for importers like Indonesia and India to reform their costly fuel subsidy programs,” he added. China’s declining real estate prices and knock-on effects on the construction sector would make its growth go down to 7.4 per cent in 2014 and 7.2 per cent in 2015, the bank said.