Current account balance, developing Asia

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External demand in developing Asia generally is rising because of growth acceleration in the PRC and, to a lesser extent, in India. Export growth in developing Asia economies is expected to accelerate to 8.3% this year from the low base last year and to rise further to 9.7% in 2014. Imports are expected to grow at a slightly faster rate than exports, by 8.3% this year and 10.1% in 2014, on relatively resilient domestic consumption and an expected pickup in investment. Weak demand from advanced economies, along with strong domestic demand and intraregional trade, helped shrink developing Asia’s combined current account surplus from 2.5% of GDP in 2011 to 2.0% in 2012. Import growth outpacing export growth to support robust domestic demand will further shrink the overall current account surplus to 1.9% of GDP in 2013 and to 1.8% in 2014 (Figure 1.1.8). This trend is expected to be shared across most subregions except for South Asia, where exports are expected to grow more quickly than imports in 2014. Source: Asian Development Outlook database.
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