Developing Asia's growth revised up by ADB as tech exports grow

MANILA -- The Asian Development Bank has revised upward its growth forecast for developing Asia in 2024, encouraged by improved tech-related exports in South Korea and Taiwan and robust domestic demand across the region.

Developing Asia's gross domestic product is now forecast to increase 5.0% this year, slightly faster than the 4.9% projected in April, according to the bank's latest Asian Development Outlook, released on Wednesday. The multilateral lender kept its growth forecast for 2025 unchanged at 4.9%.