According to Asian Development Bank (ADB), growth in developing Asia will be 4.8% this year and the next. This is up from 4.2% in 2022.
The People’s Republic of China’s (PRC) recovery and healthy domestic demand in India will be the region’s main growth supports this year and next.
Inflation is forecast to moderate from 4.4% in 2022 to 4.2% in 2023 and 3.3% in 2024.
ADB warns that immediate and emerging challenges may hold back the region’s recovery. High inflation, interest rates, and debt still burden many markets in Asia.
ADB also says that the local governments should continue supporting multilateralism, and try to avoid global fracturing.
Read ADB’s full report HERE.
Add Comment