China’s economy expected to grow 5% in 2023, 6.4% in 2024 – Asian Development Bank
DATA MACRO VIEWS & ANALYSIS
China’s economy expected to grow 5% in 2023, 6.4% in 2024 – Asian Development Bank
DATA MACRO VIEWS & ANALYSIS

China’s economy expected to grow 5% in 2023, 6.4% in 2024 – Asian Development Bank

 

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

The ADB kept its 2023 growth forecast for developing Asia at 4.8%, but revised lower its estimate for next year to 4.7% from 4.8% in April, reflecting risks, including from Russia’s war on Ukraine.

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

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