HONG KONG — Asian Development Bank (ADB) on Tuesday upgraded Hong Kong's growth to 3.6 percent this year from previous forecast of 2 percent.

It also upgraded Hong Kong's growth in 2018 to 3.2 percent from 2.1 percent, according to an update of ADB flagship annual economic report, Asian Development Outlook 2017, which was issued in April.

Consumption has been strong in Hong Kong and global trade has been better than expected, and the two factors are favorable for Hong Kong's growth, said ADB chief economist Yasuyuki Sawada here on Tuesday.

The update report also noted that growth in developing Asia will be 5.9 percent in 2017 and 5.8 percent in 2018.

ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive and environmentally sustainable economic growth, and regional integration.

Established in 1966, ADB is owned by 67 members, 48 from the Asia-Pacific region.