ADB maintains India's growth outlook at 4.7%

The Asian Development Bank (ADB) today maintained its gross domestic product (GDP) growth forecast for India at 4.7 per cent for this year, and saw the country growing at 5.7 per cent in 2014.

The Manila-based lender marginally increased its forecast for China this year and the next, with reforms the government introduced, contributing to the outlook as also better prospects for key trading partners.

The bank increased its 2013 forecast for China to 7.7 per cent from 7.6 per cent in October and now saw 2014 growth at 7.5 per cent as against 7.4 per cent.

The bank, though lowered its estimates for Southeast Asia this year and in 2014, in the aftermath of the strong typhoon in the Philippines and political uncertainties in Thailand.

The bank maintained its forecast for developing Asia at 6 per cent this year and 6.2 per cent next year.

''The devastating impact of Typhoon Haiyan is tempering the Philippines' 2013 growth, but reconstruction is expected to boost growth as it ramps up in 2014,'' the bank said.

The growth outlook for developing Asia's 45 countries would be steady with improving outlook in Japan and the US and China's stronger-than-expected performance, the bank said.

According to chief economist Changong Rhee, despite uncertainties in the global economic environment, developing Asian economies would remain resilient.

He added, the region had performed well in 2013 and was not poised to benefit from the further signs of growth momentum in the advanced economies.

According to the bank, the economies of the US, euro area and Japan were on track to meet the forecast of 0.9 per cent growth in 2013.

The bank expected growth in the three economies to pick up to 1.9 per cent in 2014, up 0.1 percentage points from an earlier forecast.