'India's growth to bounce back to 7.4% in 2017-18'

"A continued commitment to reform ~ especially in the banking sector ~ will help India maintain its status as the world's fastest growing major economy", Sawada observed.

While higher infrastructure investment will provide an additional impetus to growth in Brunei, Indonesia, Laos, the Philippines and Thailand, record foreign direct investment will be a key factor supporting growth in Vietnam.

The Indonesian government set aside Rp 416.1 trillion ($31.2 billion) for education in the 2017 state budget.

"Continued high growth will require a rebound in remittances and higher exports".

Despite the global uncertainty, the country's economy is still strong, said the official during the second annual meeting of the New Development Bank (NDB) of the BRICS forum, which includes India, China, Russia, South Africa and Brazil. Exports continued to decline in the third consecutive years due to waning global demand and weak worldwide commodity prices as well as domestic structural issues, such power outages and lack of investment in modernisation and currency appreciation in real effective terms.

Two Filipinos were pivotal in shaping ADB in 1966 - Justice Florentino Feliciano who helped draft the ADB charter; and Cornelio Balmaceda, then the country's Secretary of Commerce who advocated for the ADB to be based in a developing country, and in Manila itself.

However, the risks include unexpected changes to USA government policies in areas such as interest rates.

"Developing Asia continues to drive the global economy even as the region adjusts to a more consumption-driven economy in the People's Republic of China", ADB's chief economist, Yasuyuki Sawada, said in a statement published Thursday.

The ADB also projected that the inflation is expected to further pick up to 6.3 percent in 2017-'18 fiscal as the global fuel prices start rising and a new value-added tax comes into effect.

Southeast Asia is forecast to accelerate further, with almost all economies in the region showing an upward trend.

"However, concern over possible global trade disruption and the impact of the normalisation of U.S. monetary policy on capital flows to developing countries is likely to restrain recovery in investment", ADB said. Private consumption, comprising almost 70 percent of GDP, grew 6.9 percent previous year on higher employment rates and steady inflows of remittances reaching $29.7 billion. It has pegged inflation at 5.2 per cent in 2017-18 and 5.4 per cent in 2018-19.

"The central bank will have to factor into this delicate balance the future course of United States interest rates".

Emphasising that the temporary drop in demand led to a decline in inflation, the report said the return of demonetised notes caused bank deposits to surge and lending rates to drop.

Investors appear to have shrugged off the risk of capital flight from Asia's emerging economies, judging by the latest data.

The risk posed by mounting household debt in some Asian economies, particularly South Korea, Malaysia and Thailand, may still be contained for the time being, though the ADB has urged authorities to bolster efforts to mitigate systemic risk.

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