|Published : 13 Apr 2017, 13:35:24 | Updated : 13 Apr 2017, 13:38:03|
Gloomier outlook on Asian growth
FE Online Report
After the projection of the Asian Development Bank (ADB) that Asia-Pacific growth would be moderate in the current year, Danish investment firm Saxo Bank has come up with a more gloomy projection on Asia.
Projecting Europe as the primary driver for global growth, Saxo Bank’s chief economist Steen Jakobsen said that others were unlikely to follow the lead.
“One thing is absolutely clear,” he told CNBC. “Asia is not going to contribute anything in 2017 to growth. China is at a total standstill.”
Last week, ADB released its Asian Development Outlook (ADO) which projected that growth across the Asia-Pacific as a whole would be slow to 5.7 per cent from 5.8 per cent last year.
According to ADB, as China's growth continues to moderate, it will push down the Asia-Pacific growth marginally.
ADP projected 6.5 per cent growth rate for China in 2017 and 6.2 per cent in 2018.