Asia-Pacific to grow 5.7% this year: ADB

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  1. According to the Asian Development Bank, Asia Pacific region is projected to grow at 5.7% in 2019.
  2. ADB has said that most of the momentum for the region growth will come from higher consumption and investment levels.However,growth may be undermined due to trade tensions and the threat of climate change in the Asia Pacific region.
  3. ADB President has also said that maintaining open trade and investment regimes will help the region’s economy.He has also appreciated the efforts of economies in the Asia and the Pacific to forge trade agreements.
  4. Further,he said that ADB has launched its Strategy 2030.This strategy will have six areas (a)poverty reduction (b)gender equality (c)climate mitigation and adaptation (d)regional cooperation and integration (e)extending private sector lending and (f)equity investments and guarantees.
  5. The Asian Development Bank (ADB) is a regional development bank established on 19 December 1966.ADB is headquartered in Manila, Philippines.It aims to promote social and economic development in Asia.
  6. ADB has 67 members,of which 48 are from within Asia and the Pacific and 19 outside.Japan and US holds the largest proportion of shares in ADB followed by China,India and Australia.ADB is also an official United Nations Observer

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