ADB revises growth forecast for Pakistan.
ISLAMABAD -- Pakistan' growth for the fiscal year 2013-14 remained 4.1%, which was higher than the forecast (3.4 %), according to the latest report of Asian Development Bank (ADB).
"Pakistan recorded growth in the fiscal year that ended in June that surprised 4.1%, above the ADO 2014 forecast of 3.4%," says Asian Development Outlook (ADO) 2014.
The Asian Development Outlook is ADB's main economic forecasting product, published each April with an update published in September and brief supplements published in July and December.
According to ADO,"Pakistan now expects slower inflation across 2014 and 2015 as an appreciating Pakistan rupee helps contain local prices for imports."
Overall, Developing Asia remains on track toward steady growth in 2014 despite slower-than-expected growth in the United States (US) in the first quarter, it says.
The major industrial economies are anticipated to expand by 1.5% this year, a downward revision from the 1.9% forecast in Apri's ADO 2014.
Softer US growth has been somewhat offset by Japan's robust first quarter performance while the euro area has generally met expectations.
In East Asia, quarterly growth in China met ADB expectations with steady consumer demand, targeted government measures to stabilize investment, and a pickup in external demand in the second quarter of 2014.
Both retail sales and industrial production have been picking up pace and overall, China is on track to meet ADO 2014 forecasts of 7.5% growth in 2014 and 7.4% in 2015.
For India, ADB maintains its growth forecast at 5.5% for fiscal year (FY) 2014, but upgrades its FY2015 forecast by 0.3 percentage points to 6.3% as anticipated reform bears fruit.
Nepal's growth was seeing a strong finish to its fiscal year. Overall, South Asia's 2014 forecast is nudged up 0.1 percentage points to 5.4%. The improved outlook in India pushes up the subregional forecast for 2015 from 5.8% to 6.1%.
The outlook for Southeast Asia has softened as growth prospects falter in Indonesia, Thailand, and Viet Nam.
Growth in Central Asia is gradually moderating, with many economies affected by the deteriorating outlook of the Russian Federation.
Revised projections reflect weaker-than-expected performances in Kazakhstan, Kyrgyz Republic, and Uzbekistan so far in 2014 and aggregate growth projections for the region are revised down to 6.3% in 2014 and further to 6.1% in 2015, from 6.5% forecast for both years in ADO 2014.