Developing Asia will show strong economic growth this year and 2016, but an impending rise in US interest rates may require monetary responses to maintain stability, an Asian Development Bank report said Tuesday, according to dpa. The region's gross domestic product is expected to grow 6.3 per cent in both 2015 and 2016, the same as last year, the Manila-based bank said in its annual Asian Development Outlook report. "Developing Asia is making a strong contribution to global economic growth," the bank's chief economist Shang Jin Wei said. "Falling commodity prices are creating space for policymakers across the region to cut costly fuel subsidies or initiate other structural reforms," he said. "This is a key opportunity to build frameworks that will support more inclusive and sustainable growth in the longer term."
