Asia’s economic engine: A man riding his motorcycle past shipping containers at the Port of Shanghai. The Asian Development Outlook raised China’s 2017 and 2018 growth forecasts. — Reuters

MANILA: The Asian Development Bank (ADB) raised its 2017 and 2018 growth forecasts for the region, reflecting rising exports as manufacturers of smartphones to cars to other consumer goods benefited from improving global demand.

Developing Asia – made up of 45 countries in the Asia-Pacific region – is expected to grow 5.9% and 5.8% this year and next, the Manila-based ADB said in the update of its Asian Development Outlook.

They are a step up from April forecasts of 5.7% for both years.

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