Developing Asia will likely maintain steady economic growth in 2014 as higher demand from a recovery in developed markets will be offset by China's slowdown, the Asian Development Bank said.
Gross domestic product (GDP) for the region is forecast to grow 6.2 percent in 2014, edging up from 6.1 percent in 2013, with another 6.4 percent expected in 2015, the ADB said in its annual Asian Development Outlook report released Tuesday.
"Moderating growth in the People's Republic of China as its economy adjusts to more balanced growth will offset to some extent the stronger demand expected from the industrial countries as their economies recover," it said.
It expects the U.S., the euro area and Japan to see growth increase to a collective 1.9 percent in 2014 and 2.2 percent in 2015, from 1.0 percent in 2013. But China's growth is set to slow to 7.5 percent in 2014 and 7.4 percent in 2015, compared with 7.7 percent in 2013, it said.
The ADB believes risks to Asia's outlook have eased to manageable levels.