This publication highlights brighter economic prospects for Asia and the Pacific amid ongoing challenges. It forecasts growth across the region’s developing economies of 4.8% this year and in 2024, up from 4.2% in 2022.
Growth in developing Asia remains resilient, and the outlook is improving.
According to the Asian Development Bank’s Asian Development Outlook (ADO) April 2023, economies in developing Asia will grow 4.8% this year and next year. This is up from 4.2% growth in 2022.
The reopening of the People’s Republic of China (PRC) will boost regional economic growth through supply chain linkages and demand for goods and services. Growth in the PRC is expected to rebound to 5.0% this year from 3.0% in 2022. Healthy domestic demand in India will also support regional growth: India is forecast to grow by 6.4% in 2023. Growth in the Caucasus and Central Asia, the Pacific, and Southeast Asia will be lifted as tourism recovers. Meanwhile, headline inflation is expected to decelerate from 4.4% in 2022 to 4.2% this year and 3.3% in 2024.
Contents
- ADO 2023—Highlights
- Brighter Prospects Amid Ongoing Challenges
- Economic Trends and Prospects in Developing Asia
- Statistical Appendix
Published April 2023.
