JavaScript is off. Please enable to view full site.

Developing Asia on track to grow faster in 2023: ADB

Developing Asia on track to grow faster in 2023: ADB

Wednesday, July 19, 2023, 10:28 GMT+7
Developing Asia on track to grow faster in 2023: ADB
A worker walks past inside the Asian Development Bank (ADB) headquarters in Manila June 17, 2009. Photo: Reuters

MANILA - Developing Asia is on track to grow faster in 2023 from a year earlier as strong consumption and investment offset the impact of weak global demand, the Asian Development Bank (ADB) said on Wednesday.

In an update to its regional economic outlook, the ADB kept its 2023 growth forecast for developing Asia at 4.8 percent, but revised a tad lower its estimate for next year to 4.7 percent from 4.8 percent in April, reflecting risks, including from Russia's invasion on Ukraine.

Developing Asia consists of 46 economies in the Asia-Pacific and excludes Japan, Australia and New Zealand.

The ADB maintained its growth projections for subregions East Asia and South Asia, with China and India still expected to expand 5.0 percent and 6.4 percent this year, respectively, and 4.5 percent and 6.7 percent in 2024, but trimmed slightly its outlook for Southeast Asia.

Growth in Southeast Asia is now expected at 4.6 percent this year and 4.9 percent next year, down from 4.7 percent and 5.0 percent previously, the ADB said, due mainly to weaker global demand for exports.

An upside risk to the growth outlook of developing Asia is slower inflation, which has allowed most central banks in the region to hold off tightening, helping underpin domestic consumption.

The region's inflation is forecast to slow to 3.6 percent this year from its previous forecast of 4.2 percent, with the rate expected to decelerate further to 3.4 percent in 2024.



Read more




‘Taste of Australia’ gala dinner held in Ho Chi Minh City after 2-year hiatus

Taste of Australia Gala Reception has returned to the Park Hyatt Hotel in Ho Chi Minh City's District 1 after a two-year hiatus due to the COVID-19 pandemic

Vietnamese woman gives unconditional love to hundreds of adopted children

Despite her own immense hardship, she has taken in and cared for hundreds of orphans over the past three decades.

Vietnam’s Mekong Delta celebrates spring with ‘hat boi’ performances

The art form is so popular that it attracts people from all ages in the Mekong Delta

Vietnamese youngster travels back in time with clay miniatures

Each work is a scene caught by Dung and kept in his memories through his journeys across Vietnam

Latest news