Growth in developing Asia is forecast at 4.8% this year and in 2024, up from 4.2% last year.
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, the Asian Development Outlook (ADO) April forecast said. Inflation is forecast to moderate this year and next, from 4.4% in 2022 to 4.2% in 2023 and 3.3% in 2024, gradually moving closer to pre-pandemic averages.
An array of immediate and emerging challenges could still hold back the region’s recovery. Policy makers should stay vigilant in the post-pandemic environment of higher inflation, interest rates, and debt. Governments must continue supporting multilateralism, and lean against the risks of global fracturing.
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