Asia's developing economies remain on track to post growth of 5.8% in 2015 and 6.0% in 2016, as the region's economies remain resilient to continued economic weakness in industrialized countries, says a new Asia Development Bank (ADB) report.

In a supplement to the September 2015 Asian Development Outlook Update report, ADB maintained growth projections for the region, with a slight upgrade of growth forecasts for the People's Republic of China (PRC) offset by downward revisions to the forecasts for Central Asia and the Pacific. The growth outlook for the major industrial economies has also been downgraded.

"Although we have seen some softening in a number of economies, the broader regional outlook is for continued steady growth," said ADB Chief Economist Shang-Jin Wei. "The region's growth is supported by vibrant private consumption in the PRC and expanded industrial production in India and other countries. At the same time, countries reliant on commodities are hurting from the global slump in prices, and the slower-than-expected recovery in the US and economic contraction in Japan will continue to weigh on export prospects."

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