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Credit Suisse expects stable growth in Asia in 2017

Xinhua, December 2, 2016 Adjust font size:

Asia can look forward to stable growth in 2017, underpinned by a structural transition from manufactured exports to services-based consumption, predicted Credit Suisse, the second largest bank of Switzerland.

In its annual investment outlook published on Thursday, Credit Suisse said the stability that has characterized Asian growth over the past five years appears set to continue into next year, with the region likely to expand by 5.9 percent, similar to the rate recorded in 2016.

Meanwhile, the report considered services-based consumption and investment in infrastructure as two essential pillars to the region's growth.

While Asia's transition from manufactured exports to services-based consumption appears to be firmly underway, the report noted that infrastructure spending is expected to add around 1.5 percent to regional growth, driven largely by the China-proposed Belt and Road Initiative.

The Belt and Road Initiative refers to the Silk Road Economic Belt and the 21st-Century Maritime Silk Road Initiative proposed by China in 2013 to bring together countries in Asia, Europe and even Africa via overland and maritime networks.

The report predicted that infrastructure spending is likely to continue for many years in Asia. In its Q3 2016 development report, the Asian Development Bank stated that countries in Asia will invest in infrastructure projects worth eight trillions U.S. dollars by 2020. Endit