The Asian Development Bank (ADB) Wednesday upgraded Hong Kong's growth forecast to 3.7 percent this year, up from the previous forecast of 3.2 percent made in April.
In an update of its flagship annual economic publication, Asian Development Outlook 2018, ADB maintains its forecast that the gross domestic product will grow at 3 percent in China's Hong Kong Special Administrative Region in 2019.
Hong Kong's economic growth rates in the first quarter and the second quarter are quite high, and domestic demand, as well as external demand through imports, seem to play an important role for the growth, said ADB Chief Economist Yasuyuki Sawada at a press conference held in Hong Kong.
ADB maintained its forecast that Asia's GDP will grow at 6 percent this year. The growth forecast for 2019 is trimmed by 0.1 percentage points to 5.8 percent.
ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive and environmentally sustainable economic growth, and regional integration.
Established in 1966, ADB has 67 members, 48 are from the Asia-Pacific region.