Fiji 2019; 52nd ADB Annual Meeting: Summary of Proceedings

Abstract

Economic growth in the region remains solid, while there is much discussion about a slowdown and uncertainties in the global economy. Domestic consumption and investment have provided a strong growth foundation. In some countries, growth is even accelerating. Countries need to continue to pursue prudent macroeconomic policies, implement structural reforms, and invest in human capital and infrastructure. ADB forecasts that the region will expand by 5.7% this year. Excluding the four newly industrialized economies (Hong Kong, China; Republic of Korea; Singapore; and Taipei,China), Asia and the Pacific is expected to grow 6.2% this year. If we can grow 6% annually, the economy will double in 12 years.