The economic outlook for emerging Asia (Southeast Asia, China and India) remains robust over the medium term, anchored by the steady rise in domestic demand, according to a new report from the OECD Development Centre.
Accordingly, GDP growth in emerging Asia is projected to moderate gradually but to stay resilient over the 2014-18 period, with an average annual growth of 6.9 percent albeit less than the 8.6 percent registered before the global financial crisis (2000-07). The region will continue to play an important role in global growth. The report indicates annual growth of 7.7 percent for China, 5.9 percent for India and six percent for Indonesia in 2014-2018.
The OECD report also suggests that, while manufacturing will continue to be important, the middle-income countries of the region should also consider further developing their service sectors, especially in finance, information and communications technology, and business services.