MANILA, Philippines, Sept. 17 (UPI) -- The Asian Development Bank on Monday raised its 2007 growth forecast for developing Asian economies to 8.3 percent from its previous 7.6 percent.
The revision was driven by continuing strong growth in China and India, which together account for 55.3 percent of the total gross domestic product in developing Asia. In the past two years, the two countries have seen their economies register their fastest growth in more than a decade.
The Manila-based bank said growth in Asia is now more broad-based as other regions like South Asia and Central Asia continue to post robust growth.
The ADB warned the outlook for next year looks hazy because of uncertainties in global financial markets and concerns about the health of the U.S. economy. Avian flu, geopolitical and security risks in some parts of the region and political uncertainty could also add to the uncertainties.
Growth prospects will also be affected by how well the countries address their internal challenges, bank experts said.
