ADB raises Southeast Asia's growth forecasts, SG bucks the trend

The Asian Development Bank or ADB said that private consumption and investment are bolstering Southeast Asian economies, but Singapore is expected to buck the trend due to its "open economy".

The lender raised its projections for Southeast Asia, predicting an expansion of 5.3 percent for this year, up from 5.2 percent earlier. 

But calling Singapore's economic growth "sluggish", ADB said the country is hurting along with others that depend on external demand for growth. 

In total, the A-D-B expects developing Asian economies to grow 6 percent this year and 6.6 percent next year.