The Asian Development Bank (ADB) has upgraded its forecast of economic growth in developing Asia to 5.9 per cent this year due to increasing of exports, but it is maintaining its projection of Thai economic growth at 3.5 per cent.
The revision of gross domestic product (GDP) projection for developing Asia to 5.9 per cent is up from 5.7 per cent previously estimated, Luxmon Attapich, senior economist at ADB's Bangkok office said on Tuesday.
Growth across developing Asia is buoyed by a revival in trade . The dollar value of the region's exports surged by 11 per cent in the first five months of this year over the same period last year, she said.
The bank says GDP growth in China, Malaysia, the Philippines and Singapore would be higher than previously projected.
However, the bank did not revise up its forecast of Thai economic growth due to decelerating public investment, although exports expanded more than expected. The ADB forecasts GDP in Thailand will expand 3.5 per cent and 3.6 per cent this year and next respectively.
The ADB has also revised its GDP growth forecast for developing Asia next year to 5.8 per cent, up from 5.7 per cent previously projected.