Growth remains strong across most of developing Asia but is set to moderate this year and next year against the backdrop of slowing global demand and persistent trade tensions, according to a new Asian Development Bank (ADB) report.

The latest Asian Development Outlook (ADO) 2019, ADB’s flagship economic publication, forecasts that growth in the region will soften to 5.7% in 2019 and 5.6% in 2020. Developing Asia’s growth in 2018 was 5.9%. Excluding the newly industrialized economies of Hong Kong, China; Republic of Korea; Singapore; and Taipei,China, developing Asia is forecast to expand 6.2% in 2019 and a slightly slower 6.1% in 2020. In 2018, growth was 6.4%.

“Growth overall remains solid with domestic consumption strong or expanding in most economies around the region. This is softening the impact of slowing exports,” said ADB Chief Economist Mr. Yasuyuki Sawada. “Uncertainty clouding the outlook remains elevated.”