Developing Asia on track to grow faster in 2023
Developing Asia will grow faster in 2023 than a year earlier as strong consumption and investment offset the impact of weak global demand, the Asian Development Bank (ADB) said.
In an updated regional economic outlook, the ADB maintained its 2023 growth forecast for developing Asia at 4.8%, but slightly lowered its estimate for next year to 4.7% from 4.8% in April.
Developing Asia includes 46 countries in the Asia-Pacific region, excluding Japan, Australia and New Zealand.
ADB maintained growth forecasts for the East and South Asia subregions, where China and India are expected to grow 5.0% and 6.4% this year, respectively, and 4.5% and 6.7% in 2024, but slightly lowered the forecast for Southeast Asia.
Growth in Southeast Asia is now expected to be 4.6% this year and 4.9% next year, down from the previous 4.7% and 5.0%, mainly due to weaker global demand for export products,
Reuters.
via.
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