DAEJEON, South Korea (Dow Jones) – The Asian Development Bank could soon raise its economic growth forecasts for the region, the bank's president said, adding that China's central bank must monitor the economy closely for signs of overheating.

"The Asian economy is recovering...much faster than when we forecast. So far Asian nations, particularly China and India, are outperforming," Haruhiko Kuroda told Dow Jones Newswires on the sidelines of the Asia 21 conference here.

The ADB projected in April that developing Asia would grow 7.5% in 2010.

Kuroda didn't say how much the growth forecast for the region would be raised, or when.

Asia has been leading the global economic recovery, with most countries in the region already unwinding the easy fiscal and monetary policies they adopted during the global financial crisis.

Asia's recovery has been so strong that some countries are facing inflationary pressures, prompting central banks across the region to tighten policy.